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Small Businesses and Cyber Security

The cyber-attacks on colossal companies such as Target and Sony have stirred some concern among business owners of all types. While many small business owners believe they are all but immune to these breaches, this couldn’t be further from the truth. As businesses of all sizes are targeted for confidential data and personally identifiable information, now more than ever owners need Cyber Liability Insurance to protect their operation.

These breaches can cause potentially devastating effects. In fact, the statistics of these studies are grim; the vast majority of U.S. small businesses lack a formal internet security policy for employees, and only about half even have rudimentary cybersecurity measures in place. What’s more, almost half of small business owners don’t have their data backed up in more than one location. Therefore, if they were to experience a breach, they would suffer severe consequences. As more than 40 percent of hacks occurred within companies with less than 500 employees, your small business is not safe.

With so much at stake and less reserve funds than large corporations, small businesses need to play it safe with cyber security. A Kaspersky Lab study found that the average cost of a data breach in 2014 was an estimated $200,000.  Even worse, more than half of the breached small business closed permanently within 6 months of the attack.

So, how do you prevent these attacks from occurring in the first place? First, start off by obtaining and cyber liability insurance package and securing your network connection with encryption and passwords. Next, have your customer information and confidential data hosted by a protected third party that also carries cyber liability coverage. Antivirus and antispyware programs should be installed on each computer within your business, as well. Lastly, train employees on proper safe practices and download updates to software as they become available.

As a small business owner, not every risk can be foreseen. However, taking the proper precautions to protect your operation from experiencing a cyber-attack is a must in today’s digital landscape.

About Irving Weber Associates

At Irving Weber Associates, we are dedicated to your success. Our fundamental coverages provide the policies you need in order to be properly secured. Whether you need cyber protection or workers’ compensation for your laundry business, we can customize a policy suited just for you. For more information, we invite you to contact us today at 855-661-4557.