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When most businesses think about how to keep their customers safe, things like security cameras, locks, and even security guards come to mind. Maybe even a gruff-looking German Shepherd greeting customers at the front door!
However, in 2023, the real threat to your business won’t come from something or someone you can see - it will target your company’s data. That’s why understanding the role of cybersecurity - and the threat of a data breach - is so important. Understanding your Data Breach insurance coverage when it comes to an incident is critical in this day and age.
A data breach is one of the most dangerous threats faced by businesses both small and large. Fortunately, there are steps you can take to keep yourself - and your business - protected.
Cybersecurity: Everything You Need to Know
What is Cybersecurity?
Although it sounds like something out of a Matrix movie, cybersecurity is actually quite a simple term. It refers to protecting various categories of data from theft and damage. This might include sensitive data like bank account numbers and Social Security information, protected health information, intellectual property, personally identifiable information (PII), and much, much more.
A data breach doesn’t just affect you and your business. It affects all of the customers who have done business with you in the past (as well as those in the future). The average cyberattack costs a small company $200,000 - not chump change for most business owners, to say the least.
Any business can suffer from a cyberattack - small or large. Those that store customer information (like credit card numbers), handle personal health information, or work in any aspect of information technology are especially at risk.
4 Cybersecurity Tips to Prevent a Data Breach
Did you know that about 60% of small businesses end up closing within six months of experiencing a cyberattack? Don’t become another statistic. Follow these tips to stay safe.
1. Train Your Employees
Make sure you establish some basic security policies for your employees, like requiring strong passwords and following an appropriate Internet use framework. The more your employees know about what is expected of them, the less likely it is that a mistake will be made that can result in compromised data.
Only give employees access to the materials they need for their jobs and make sure they can’t install software without permission.
2. Keep Clean Machines
Protect your computers, information, and networks from cybercrime by installing the latest security software, operating systems, and web browsers. Set up antivirus software to scan after each update and install other key updates as soon as they’re available.
3. Secure Your Connections
Set up a firewall security program for your business’ Internet connection. That way, outsiders can't access your data on a private network.
If you have a Wi-Fi connection, make sure that is secure, too - as well as hidden and encrypted.
4. Make Back-Ups of Everything
Finally make sure you keep backup copies of all important business data and information, from electronic spreadsheets to financial files. Back up the data automatically or at the very least, on a weekly basis. Store the copies offsite to be safe.
Data Breach Insurance: Your Best Line of Defense
You might think, as a small business, you don’t necessarily need to worry about your sensitive data being stolen. You’re a small fish in a big pond - why would cybercriminals want to go after you?
While it’s true larger businesses (those with 250 or more employees) are more likely to be targeted in an attack, you’re not in the clear if you’re on the smaller side. The bad news is just about every type of business, big or small, is at risk.
The good news? There are measures you can put in place to safeguard your company’s most sensitive data - and to protect yourself in the event of cybercrime.
Northern Insuring offers a variety of business insurance solutions to cover you in the event of a data breach - namely, data breach insurance. Think of it as your silver bullet in the fight against cybercrime.
We also offer plenty of other insurance products business owners might have, such as general liability policies and NYS disability insurance policies.
No matter what comes your way, here at Northern Insuring, our goal is to help you live your life protected - regardless of whether that life is digital or in-person. When you contact us, we’ll conduct a risk management assessment to identify the various ways you can keep yourself protected.
We simplify the complicated…for insurance. Contact Northern Insuring today for a quote!