Over the past few years, high profile cyber attacks have raised awareness of the growing threat of cyber crime. 2015 has been no different; disastrous data breaches continue to occur, from the Anthem data breach that affected 80 million people, to the U.S. Office of Personnel Management hack that affected 22.2 million people.
Small Doesn’t Mean Safe
Although these large scale attacks are what dominate the news, it’s a misconception to think that small businesses are not vulnerable. In fact, while 85 percent of small business owners believe their company is safe from hackers, malware and data breaches, a Symantec study found that 40 percent of these attacks are against organizations with less than 500 employees. Furthermore, as large companies become more serious about cyber security, small businesses become more attractive targets to hackers.
Unfortunately, the aftermath of cyber attacks are often devastating for small business owners. In 2014, the Kaspersky Lab reports that the average annual cost of these attacks to small and medium-sized businesses amounted to more than $200,000. Considering that many small business owners do not have this amount of extra money at their disposal, nearly 60 percent of these organizations close permanently within six months of the attack.
How to Protect Your Small Business: 6 Cyber Security Tips
It’s understandable that not every business owner is in the financial position to hire an expert to test the company’s computer systems and make recommendations; fortunately there are much simpler steps you can take to start protecting your systems against cyber crime. Keep the following six tips provided by the New Hampshire Business Review in mind as you begin tackling the issue of cyber security:
Establish rules regarding your sensitive data and computer resources, and how employees should and should not handle or use both. Set the expectations, write these rules down, and ensure that all employees understand and are prepared to follow them. These written documents will serve as your cyber security policies.- Train employees on basic cyber security practices.
- Always apply the latest software updates to all computers.’
- Control access to sensitive data as much as your business’s operations allow. Apply the “need to know” rule for access to this data – both electronic and hard copy.
- Use strong passwords on your computers, smartphones, and tablets, and change them often. A strong password, for example, might contain more than 8 characters with mix case letters, numbers, and a symbol when possible.
- Have a plan in place detailing how you will respond in the event of a breach. Even if it’s brief, it’s important to understand in advance how you will protect your data.
More Than Your Insurance Agent – Your Risk Management Partner
Given that a cyber attack could have catastrophic consequences on your business, it’s beneficial to have someone on your side. At Eaton & Berube Insurance, our agents have the knowledge and resources necessary to ensure that you have sufficient coverage in place to protect your company against a data breach. In addition to the right coverage, we serve as advisors, making recommendations to keep your company up to date with the latest and best cyber security practices to help prevent these attacks. To learn more about our services or to get a free quote for cyber liability insurance in New Hampshire, please call us today at 603-882-2766 or submit our online quote request form.
