Cybercrime is one of the fastest-growing types of crime in the world, and it’s not just limited to large retailers or financial services companies. Businesses of all sizes, including motor carriers and owner operators, face the risk of cyber loss.
Even if you don’t think it could happen to you, look around your operation for a second. You may be more vulnerable than you think. In 2016, AT&T reported a 3,198% increase in attacks scanning for vulnerabilities in the Internet of Things. Your trucking company has likely implemented electronic logging devices and dashcams, which are potential access points to your system, as well as traditional data and communication systems, such as emails and websites.
Consider this story of Peter Latta, the CEO of a Pennsylvania trucking company. His company was the target of a ransomware attack earlier this year that shut down their entire communication network and, without the actions of their CIO and systems engineers, it may have been a lot worse. The full story can be found on Secure World Expo.
So what can be done to address this?
Customers of Acuity have access to a wide range of free cyber risk management information and resources through the Acuity e-RiskHub®. Additionally, cyber liability coverage should be part of a motor carrier’s insurance and risk management strategies. As a liability coverage, cyber liability protects against third-party damages, costs of defense, settlement, and judgments. It is triggered by a network security event, such as a breach of third-party business data, an unintended propagation of malware, or a denial of service attack. Additionally, cyber liability can provide first-party coverage to reimburse a business for the costs it incurs, including data and systems restoration, business income, and public relations expenses.
Also, it is important to have a cybersecurity plan in place and train your employees to spot red flags. Here are 8 tips to help keep your motor carrier business safe from cyberattacks: