The Cost of Cybercrime

This article contains information from the Old Republic Title Blog

Did you know that Americans lost at least $12.5 billion to cybercriminals last year? According to the FBI, that’s a 22% annual increase from 2022. Those losses are only expected to rise with technological advancements like the widespread use of Artificial Intelligence (AI) and digital transactions. These alarming statistics underscore the urgent need for heightened cybersecurity measures and awareness, especially in this business.

How can you help keep your company safe?

• Make sure your software providers are up to date. Hackers leverage vulnerabilities in software and applications, making it vital to always run the latest and most secure versions. In addition, update your smartphone and/or tablet as soon as new software updates are released.
• Protect your devices. Make sure that when devices are connected to your company network you are leveraging a firewall to help protect data from hackers. A firewall can help keep hackers from accessing your system by adding another layer of encryption.
• Avoid free email services, if possible. Always use multi-factor authentication especially if you are using a free email service.
• Use a password vault application. Having difficult-to-guess and unique passwords is nearly impossible without a password vault. Consider finding a password vault application and deploy multi-factor authentication on every account that has that option.
• Continually train and educate your employees to be cyber-savvy. Ensure that employees understand they play a crucial role in protecting your company. Educate and train them so they don’t fall into the hands of hackers by clicking on unknown links, turning over their credentials, or downloading “free” software that is most likely malicious.

RamQuest knows how important security is to your business. Take a look at our Resources page for additional security insights and resources.