Cyber Liability: Protect Your Small Business

By July 27, 2017 September 4th, 2019 Blog, Business Protection
cyber security

Small businesses drive the American economy. We understand that small business owners like you work hard every day, taking risks to better serve your customers, employ more people and strive to be successful. We have spent years helping clients protect their businesses and we want to focus on cyber liability for your small business.

One of the most important ways to protect your small business is with liability insurance, but what about Cyber Liability Coverage? Getting cyber liability coverage is now a must, because a data breach can happen any time and affect any kind of business. A data breach is an incident in which sensitive, protected or confidential data has potentially been viewed, stolen or used by an individual unauthorized to do so. Hackers, a faulty transaction or even just a simple human error can be the culprit.

The effects of data breaches on your small business could be devastating. Not only will you be responsible for credit monitoring for anyone affected, but you’ll also have to investigate and look into how the data breach occurred and outline steps to avoid another occurrence. This can be costly and very time-consuming.

The 2017 Identity Fraud Study, released by Javelin Strategy & Research, found that $16 billion was stolen from 15.4 million U.S. consumers in 2016, compared with $15.3 billion and 13.1 million victims a year earlier. In the past six years, identity thieves have stolen over $107 billion. Most small businesses have liability insurance. But don’t just stop there. There are many ways to help your small business fight against cyber crime.

  • Protect the Perimeter. Protect your company’s physical perimeter to prevent hackers from accessing sensitive data and your company’s computer network.
  • Train Employees. Educate your team because employees are your company’s first line of defense against cybercriminals.
  • Build a Firewall. Activate your firewall to block connections that are used to hack into your system and deliver viruses.
  • Update Software Regularly. Install and regularly update spyware, anti-virus and malware software to help prevent and detect any of those from affecting your computers.
  • Change Passwords Often. Use stronger passwords of 8-10 characters that include letters, numbers and special characters. Change the passwords regularly on your network and require all employees to change their passwords just as often.
  • Secure your Network. Secure your Wi-Fi networks to prevent hackers from accessing your servers or using your Internet connection without your knowledge.
  • Monitor Social Networks. Set social network profiles to private and check security settings. Also, be mindful of what information you post online.
  • Encrypt Data. Make sure you know how to encrypt your most sensitive data before sending.
  • Confirm Your Vendor’s Security. Carefully select online computing services, because any information you share with them can be compromised by their system.
  • Buy The Right Insurance. Acquire cyber insurance to cover losses in case of a breach or fraud. Contact us today to ensure that the appropriate coverage is in place.