Reducing Your Cyber Risk

As businesses become more dependent on technology, the risk for cyberattacks increase. Cyberattacks pose financial and reputational risks to the business. The cost of data breaches worldwide for businesses of all sizes could cumulatively grow to $5 trillion by 2024. There are many cost effective ways to reduce your cyber risk.

  1. Understand Your Cyber Risks – Businesses are vulnerable to cyberattacks through hacking, phishing, malware, and other methods.
  2. Train Employees – Your exposures can be reduced by having and enforcing a computer password policy for your employees.
  3. Update Software – Routinely check and upgrade major software.
  4. Create Back-Up Files and Store Off-Site – Create back-up files on an external hard drive or on a separate cloud account to help prevent ransomware.
  5. Proper Firewall and Antivirus Technology – Evaluate the security settings on your software, browser, and email programs.
  6. Data Breach Plan – Remind employees to periodically review the data breach detection tools installed on their computers. Ensure employees know if a data breach occurs they must notify the business immediately.
  7. Cyber Security Insurance – Protect your business with the appropriate cyber security insurance to provide protection for the costs associated with data breaches and ransomware.

When your business is in the market for a cyber insurance policy, or looking to renew an existing policy, Smith Brother’s cyber security advisor, Scott Garcia, will consider all the risks your business faces. Contact Scott at (860) 430-3330 or email him at sgarcia@smithbrothersusa.com to discuss your cyber liability coverage!

Source: https://www.iii.org/press-release/is-your-business-cyber-resilient-iii-offers-7-ways-businesses-can-reduce-their-risks-100819

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