Cyber Security Insurance Coverage: Benefits for Amusement Parks

Cyber Security Insurance Coverage: Benefits for Amusement Parks

It’s a common misconception that cyber threats only affect financial or retail corporations. Vulnerabilities in their security, like in the case of Target’s recent data breach, receive an incredible amount of media attention that drowns out every other kind of cyber-attack. However, a cyber-attack can affect anyone. Knowing this, cyber security measures are essential for all businesses, including amusement parks.

Scammers and hackers increasingly target small and medium-sized businesses alike due to perceived weak spots in security safeguards. Following the onset of the COVID-19 pandemic, there has been a 600% increase in cybercrimes. These attacks are pricey, too. IBM reports that the average cost of a data breach for companies with fewer than 500 employees is nearly $3 million. Perhaps the most telling statistic is that more than 60% of businesses close their doors within six months of discovering they’ve suffered a cyber-attack.

Family entertainment centers are also at risk

Small-scale amusement parks like Family Entertainment Centers (FECs) are exposed to cyber-attacks in several ways. The obvious shift to online reservations and digital transactions opens the door for scam artists to steal personal information. Increased Internet of Things (IoT) adoption has resulted in the perpetual gathering of data about customers at FECs and their habits. While tools like wait time sensors and park maps with GPS tracking work together to offer a better experience, they also collect data that scammers could use in the case of a security breach.

When compromised, FECs are open to a host of difficulties, including:

  • Data being exploited and disseminated
  • PR challenges
  • Ride shutdowns
  • A breakdown in online payment systems
  • Extortion

Amusement parks of any size need adequate cyber security measures to ward off cyber-attacks. If they don’t, it will affect their reputation and bottom line.

Also read:
Cyber Security and COVID-19: What Your Need to Know

Six ways to increase cyber security for amusement parks

FECs need to evaluate their cyber risk profile and identify any gaps to shore up cybersecurity defenses. By taking those steps now, you will lower your insurance costs and risk.

  1. Secure your network
    From firewalls to VPNs, there are multiple systems to monitor and safeguard your networks continually. Keeping them up to date ensures there are no vulnerabilities within your internet connection.
  2. Protect your POS system
    Encrypt all your POS data and stay up to date with regular software updates or security patches. Also, make sure you monitor your POS data for early warning signs of strange activity, allowing you to respond before a threat becomes an attack
  3. Take back control
    FECs often hire seasonal staff and may give these temporary workers access to systems they don’t even need. To avoid this, assign permissions according to job function and role. Only provide further access to your most reliable staff and restrict this access wherever possible.
  4. Invest in quality cybersecurity
    Investment can take many forms, but your staff is the best place to start. Hiring cybersecurity experts for your amusement park or providing additional training for your in-house IT department goes a long way. For smaller businesses, partnering with a managed cybersecurity service provider will still do wonders for your digital defenses.
  5. Knowledge is power
    Employees are your greatest strength, and simultaneously, your biggest vulnerability. Passwords need to be strong and regularly updated. Additionally, consider having each staff member undergo training on identifying and avoiding cybersecurity threats.

Also read:
Amusement Insurance: Finding the Right Plan for your Client 

Cyber insurance is your best defense

Cyber-attacks are increasingly considered an inevitability for businesses of all sizes. Amusement parks should increase their cyber security measures to decrease the risk of such an event. But as hackers constantly innovate their techniques and strategies, nothing can entirely eliminate the possibility. Ultimately, cyber insurance is your best defense.

Having the right coverage means that you will be able to mitigate the potential losses from cyber-attacks. Combined with risk awareness, it should be the priority for any risk management plan, helping you reduce the potential of stolen data and network interruptions.

Finding the right cyber insurance can be complex. Our Cyber Security Insurance Coverage policies offer sophisticated coverage options to achieve the maximum protection for your business. Our policies are backed by expert vendors and legal advisors for both large and small companies. Get in touch with McGowan Program Administrators today to ensure your business has adequate coverage.

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