According to a 2017 study, the average annual cost of cyber attacks for small and medium-sized businesses was over $2.2 million.
That’s a scary big number.
Most small businesses don’t have that kind of money lying around, and as a result, nearly 60 percent of the small businesses victimized by a cyber attack close permanently within six months of the attack.
But that’s NOT going to be your business.
You’re going to make the necessary adjustments in your cyber security practices and purchase cyber liability insurance to ensure the security and longevity of your business.
The best part is, you necessarily have to bring in an outside expert to drastically reduce your risk of falling victim to a cyber attack.
Watch the video below (or keep reading) for 10 ways your small business can prevent a cyber attack:
10 Ways Small Business Can Prevent Cyber Attacks
Even if you don’t currently have the resources to bring in an outside expert to test your computer systems and make security recommendations, there are simple, economical steps you can take to reduce your risk of falling victim to a costly cyber attack:
- Train employees in cyber security principles.
- Install, use and regularly update antivirus and antispyware software on every computer used in your business.
- Use a firewall for your internet connection.
- Download and install software updates for your operating systems and applications as they become available.
- Make backup copies of important business data and information.
- Control physical access to your computers and network components.
- Secure your Wi-Fi networks. If you have a Wi-Fi network for your workplace make sure it is secure and hidden.
- Require individual user accounts for each employee.
- Limit employee access to data and information, and limit authority to install software.
- Regularly change passwords.
We go into each of these in more detail in the video above. You can watch the video on Youtube here.
Don’t Equate Small with Safe
Despite significant cybersecurity exposures, 85 percent of small business owners believe their company is safe from hackers, viruses, malware or a data breach.
This disconnect is largely due to the widespread, albeit mistaken, belief that small businesses are unlikely targets for cyber attacks.
In reality, data thieves are simply looking for the path of least resistance.
Symantec’s study found that 43 percent of attacks are against organizations with fewer than 250 employees.
Outside sources like hackers aren’t the only way your company can be attacked—often, smaller companies have a family-like atmosphere and put too much trust in their employees.
This can lead to complacency, which is exactly what a disgruntled or recently fired employee needs to execute an attack on the business.
The goal of these cyber security practices is to make your small business a hard target. Hackers and cybercriminals are looking for easy, quick wins.
If you present as a challenge, the vast majority of would-be cyber invaders are going to move on to the next business on their list.
Cyber security practices alone are NOT enough. There are always going to vulnerabilities in your system. Cyber liability insurance is your last line of defense in the event a cybercriminal finds one of those vulnerabilities.
At Rogue Risk, we specialize in cyber insurance, work with over 7 of the top cyber liability insurance carriers in the world and can turn a quote around in minutes.
If your current insurance professional has never addressed cyber liability insurance with you before, then I’d encourage you to reach out to us today.
I look forward to introducing you to a new way of viewing your insurance program.