October 22, 2024
Locking the doors is not enough to protect your business from theft. Today, companies face both physical and cyber risks, and it’s critical to understand how they’re connected.
Cyber Risks from a Physical Theft
Connected devices pose a double threat to your company’s security. If a thief breaks into one of your employee’s cars and steals a company laptop that contains your entire customer database, you have lost more than just a laptop. The physical theft can grant access to digital assets. Thieves could potentially sell the customer data on the dark web or use the information themselves to commit fraud.
Or consider the risks involved with the Internet of Things. If your business uses smart security devices, such as cameras and door locks, they’re probably connected to the internet. If your cybersecurity defenses are lacking, a criminal could steal your login credentials and disarm your security system, thus gaining physical access to offices and production and storage facilities.
Effective Defenses
How can you prevent physical vulnerabilities from exposing digital assets? We recommend the following steps:
Identify assets.
Create and maintain an inventory of where you store your most valuable digital assets. What would happen if they were stolen? Who has access to them? Could thieves easily break in and use the data for nefarious purposes? Watch our quick Cyber Byte video on setting a baseline for determining IT risk.
Train employees.
Make sure employees know how to protect your data and devices with strong passwords and secure practices. They should always employ a virtual private network when using public Wi-Fi and never leave company devices unattended in public. You may also want to prohibit leaving devices in vehicles. Read more in our post on getting started with cybersecurity training.
Install mobile device management (MDM) software.
MDM software can lock and remove data from a device remotely if it’s lost or stolen.
Develop a contingency plan.
You need a plan of action should an incident occur. It should include who to notify and how to remediate any weaknesses that allowed the crime to happen. To get started, download our PDF on business continuity planning.
Maintain adequate insurance.
Review your current insurance coverage to help ensure it protects against financial losses associated with physical and cybersecurity breaches. Some insurers offer policies that combine coverage for physical and cybersecurity risks. Read our blog post on obtaining cyber insurance for your organization.
Engage security professionals.
Evaluating the effectiveness of your defenses can be a time-consuming and demanding process. Think about hiring a professional to scrutinize your physical environment and cyber defenses.
GRF Can Help
It may seem obvious, yet many businesses neglect to address the cyber risks from physical theft. Fortunately, simple and cost-effective solutions are available to help you safeguard all your company’s assets. At GRF, we have a number of resources available, including checklists to assess your privacy, IT, and third-party risks. You can also take our online quiz to help identify areas where you might be vulnerable.
You can read more about our cybersecurity services, or contact our Risk & Advisory Services team for help.
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