No matter what type of small business you have, it is unlikely that you can survive without some form of online connection. Your reliance on this technology may make your organisation vulnerable to cybercrime, even though you may think that the crooks will typically target the "big guys." So, what can you do to protect your business and ensure you do not suffer the consequences of an attack?
Preparing for Attack
To be as prepared as possible, you will need to take a two-pronged approach. To start, you should install the best software tools you can find to help ward off viruses, malware, Trojans and other unwanted visitors. You should set up firewalls to protect your most valuable digital assets and may need to talk with a specialist for additional resources.
Secondly, you should talk with your insurance adviser about cyber insurance. This type of coverage will help you to mitigate the inevitable cost associated with an attack. In doing so, it'll help you deal with the costs related to recovering data or restoring a badly disrupted business.
Understanding the Risks
Unfortunately, there are many different ways that a cybercriminal can wreak havoc with your systems. They could access any customer data that is not properly protected and potentially steal information before demanding a ransom. Following the attack, you may not be able to access your digital assets and may need to scramble to look for professional support. In the meantime, your website may not be available, costing you business. Also, you may need to report a loss of data to a regulator and could face a potential fine. Making matters worse, you could take a hit on your reputation as customers may not know if they can trust you to keep their information safe in the future.
Cyber Insurance Coverage
Cyber insurance can help to pay out for any direct or indirect cost associated with the loss of data, software or intellectual property. It can help you to bring in experts to recover your system and, in some circumstances, specialists in public relations and reputation management.
Tailoring Your Package
As larger corporations become much better at protecting their assets, cybercriminals are turning to smaller companies. They believe that such organisations will be less prepared but nonetheless have the cash to pay a ransom. So, talk with your business insurance broker today to get an insurance package that adequately covers your specific needs. For more information, contact a business insurance broker near you.