As the trucking and transportation sectors increasingly adopt and implement digital technologies and cloud storage solutions, with the goal of modernizing businesses, their risk of exposure to cybersecurity breaches increases as well.  

The trucking sector is particularly vulnerable to cybersecurity breaches given the logistics and supply chain network in which they operate, and the various pressures and obligations involving shippers, brokers, receivers, and other carriers alike.

The risk is particularly enhanced for small businesses, which often lack the resources, training, and personnel available to their larger counterparts.

The cybersecurity of your business should be seriously considered, given today’s evolving forms of attacks along with their potentially disastrous consequences, which can range anywhere from substantial extorted payments to damaged business reputations and the corresponding loss of customer and brand confidence, all of which affect can impact your bottom line.

What is ransomware?

As the name suggests, ransomware software is designed to lock a user or organization out of access to their computers, servers, or devices. A ransom payment is demanded in exchange for returned access.

Many affected businesses wrongfully believe that simply paying the ransom represents the path of least resistance when it comes to regaining access to their devices. This misconception lies at the root of the attack and only serves to improve its effectiveness.  

In practice, a ransomware attack usually looks like an employee opening a seemingly harmless email or link contained within an email, with the user then being “locked out” followed by a message demanding payment in exchange for resumed access. These incidents are known as “single-extortion” attacks. 

However, as is usually the case with crime, ransomware attacks have become increasingly complex, with some attackers implementing “double-extortion” (i.e. adding the threat of stealing a victim’s data and posting it online) or even “triple-extortion”. The latter includes the additional threat of using the stolen data to attack or harass customers or business partners, which in this case can include any number of entities along the supply chain.

What is phishing?

In contrast, phishing is a type of attack specifically geared toward stealing sensitive personal or financial information.

Phishing messages usually take the form of an email, phone call, text message, or other form of message on a social media platform from an attacker who is posing as a reputable person (like the president or CEO of your company) or entity (i.e. bank, law firm, etc.). They try to trick you into clicking a malicious link or download malicious software — or malware, as it’s more commonly known — to entice you to share sensitive information, such as a social security number, bank account number, or credit information.

4 ways to protect your business from cyber attacks

Here are four simple steps your business can take to protect itself from cybersecurity breaches:

Consider hiring an accredited IT security professional

Hire an IT security professional, preferably one with industry-recognized certifications such as an Certified Information Security Manager (CISM), who can assess risks, implement effective governance, and proactively respond to incidents.

Educate and train employees

Given that your employees represent your biggest risk factor, they require routine training about identifying and reporting suspicious online activity.

With the workforce becoming increasingly remote, proper training becomes even more important.

The culture and resources of your business are unique, and so too should your training regimen when it comes to cyber safety and risk prevention. However, a general training regimen should include: the common techniques used by attackers, the typical characteristics of harmful or suspicious messages, the consequences of a breach, and how to properly report a suspicious incident when faced with one in real time. “Test breaches”, as they are termed, are a particularly effective learning tool.

Know your obligations if a breach occurs

There is no strategy that is 100% effective in preventing a cyber breach

As such, an effective emergency response plan is needed, including an emergency contact list — including your insurer, legal counsel, and law enforcement authorities.

The Personal Information Protection and Electronic Documents Act mandates that organizations report to the Privacy Commissioner of Canada any security breaches involving personal information that poses a real risk of significant harm to individuals; notify the affected individual(s) about those breaches; and maintain records of all said breaches.

Get cybersecurity insurance (yes, it exists)

Cybersecurity insurance is designed to support and protect businesses from cyber risk.

Specifically, it can protect against financial losses caused by incidents such as phishing, online extortion, and identity theft.

Some insurers offer cyber insurance as an “add on” to an existing policy, but businesses are also generally able to purchase this coverage separately.

In many instances, cybersecurity insurance also offers the added benefit of providing coverage for network repair, legal claims, and in some cases even public relations services, to help rebuild customers’ trust.

Cybersecurity insurance in today’s digital marketplace is a must, no longer a “nice to have”.