Whoa.

"Cyber-attacks cost businesses more than ... $400 billion per year and affect 1 in 4 small businesses, and yet most small businesses believe it will not happen to them." according to the BBB.

The U.S. National Cyber Security Alliance reported that "60% of small companies that suffer a cyber attack are out of business within six months."

Let’s make sure your business is protected.

Journalist Gary Miller offers up a few tips to help protect your business:

Remember, most cyber breaches happen because an employee does something that they aren’t supposed to do.
Basic training can stop a majority of low-level threats.
But, coaching your employees on data protection is not enough.
Business owners must establish data security protocols, policies, practices and procedures that every employee takes seriously.

Create a business continuity and incident response plan. This will be put into effect immediately once you know your systems have been compromised.

Keep security software current. Having the latest security software, web browser and operating systems are the best defenses against viruses, malware and other online threats.

When in doubt, delete it. Links in e-mails, tweets, posts and online advertising are often how cybercriminals try to steal information. Even if you know the source, if something looks suspicious, delete it.

Protect all devices that connect to the Internet. Along with computers, smartphones, tablets, and other web-enabled devices need to be protected from viruses and malware.

Plug and scan. USBs and other external devices can be infected by viruses and malware. Use your security software to scan them.

Consider cyber insurance. While premiums continue to rise, the cost of the insurance will look small in comparison to the cost of experts and consultants to restore your systems — or the cost of going out of business.

Expand beyond IT. Don’t delegate cyber-crime prevention solely to your IT department and tell them “get on with it.” Embed these practices across all areas of your business.

Encrypt your most sensitive files. Encrypting data is a process of converting data into a form, where it becomes unintelligible to any person without access to a key/password to decrypt the data.

Obtain a Fidelity / Crime Bond Policy. Fidelity provides broad coverage for theft or forgery by an employee. Crime policies provide reimbursement for unlawful acts committed by external parties.

These cyber security practices should go a long way in helping your small business or large organization. And beyond these measures, if you have any questions on cyber liability insurance, we are here to help protect your company if a data breach should occur.

Is Cyber Insurance a Necessity?

Small Business Cyber Security Prevention Statistics show:

43% of cyber-attacks target small businesses.
Only 14% of small businesses rate their ability to mitigate cyber risks, vulnerabilities and attacks as highly effective.
60% of small companies go out of business within six months of a cyber-attack.
48% of data security breaches are caused by acts of malicious intent. Human error or system failure account for the other 51%.
Small businesses are mostly concerned about the security of customer data.
While Small/Midsize businesses are concerned about cyber-attacks (58%), more than half are not allocating any budget at all to risk mitigation.

Cyber policies can be complex and vary by need. How do you know what to buy based on limited tech knowledge? Are you self-employed or do you run a business with employees?

Here is a free downloadable checklist with the various areas you'll need to consider, along with helpful tips to keep you safer.

If you have a breach or are a cybercrime target, a suitable policy can bring peace of mind. Our commercial lines specialist, Adam, is happy to help you understand the types of damages a policy will actually cover and what types of losses may not be insurable.

Once he knows more about your specific business needs, he can tailor a policy to help ensure you'll have protection for the tools and services you may need to handle breaches or other damages due to cybercrime.

It's important to note that having the right cyber insurance coverage does not eliminate the need to invest in cybersecurity. You and your staff still need to have good cybersecurity practices and the right response plan should anything arise.

In the meantime, here's a link to a helpful article, David vs Goliath – How Small Businesses Can Battle Cybercriminals, which provides several steps that businesses should take to arm themselves against threats.

Cyber Technology to Help You or Your Business

Increasing your digital security practices can undoubtedly reduce your cyber risk as an individual and small business. It offers the biggest payoff for the time invested.

You may not know the heartache you avoided with your proactive cyber security practices, but that small investment of time will always be worth it.

Personal - How to Protect Your Digital Self

Data privacy matters. This excellent article from WIRED Magazine offers excellent tips on a personal protection plan.

Data protection matters. You can see our blog post about protecting and improving your credit report here.

Business - Best Security Practices

It's impossible to protect from data breaches completely, but creating a company culture of security awareness can significantly reduce risks.

Here are five beneficial ways to safeguard confidential information and uphold your company's responsibility to secure data.

Staying Ahead of Scammers

USA.gov has designated significant resources to cyber liability issues and helping consumers protect themselves.

"Every day, you see new scams featured on the news or on social media, but is that information true? Tech scams, impersonation scams, travel scams—scammers are busy and it is a lot to keep up with.

In fact, many scams are becoming more elaborate and seemingly more like legitimate opportunities. Many claim to be from a government agency, give you an identification number, and much more convincing details. They include upfront payments, threats of retaliation such as suing you, and other scare tactics."

The Federal Trade Commission (FTC) offers regular updates on the latest scams and how to avoid them. In addition, if you've been the victim of a scam, they have a dedicated site where you can file a complaint.

Skimming to the Bottom?

We’re here to simplify your options. You aren’t alone. And it’s more affordable than most people realize. Call today to protect your business. We’re here to answer your questions.

Cyber Liability Insurance: How to Protect Your Business