Business

4 Ways to Lower Your Cyber Security Risk

By Cornerstone SupportOctober 26, 2016
 

Did you know: 50% of small businesses have been breached in the past 12 months. (According to a report by Keeper Security and the Ponemon Institute)

Data breaches are increasing at an alarming rate. Businesses, especially small businesses, continue to misjudge their cybersecurity risk and often obtain insufficient cybersecurity insurance protection (or none at all). 82% of small business owners don’t believe they’re a target for attacks because they don’t have anything worth stealing (via Towergate Insurance). They couldn’t be more wrong.

What do you think are your business’ most important assets and greatest vulnerabilities?

Cybersecurity risks generally fall into two categories:

  1. Services shutting down
  2. Information that is compromised, such as sensitive data, bank information, etc.

However, it can also be as simple as a stolen laptop. Most states have passed laws requiring notification of consumers whose personal information has been compromised in the event of a security breach. The costs associated with such notification – sending certified mail, changing account numbers, and subscribing to credit monitoring services – can be staggering at $30 or more per consumer.

Here are a few things you can do to lower your risk of a cybersecurity attack:

  • Keep your software up to date.
  • Educate yourself and employees on the risks.
  • Obtain Cyber Liability Insurance.
  • Implement security policies in the company.

Cyber Liability Insurance is often the most overlooked by businesses, but it super important. It doesn’t require any new software installation and keeps your business’ risk low. Let us know how we can ensure your business is covered when it comes to cybersecurity!

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