Cybercrime presents a serious financial threat for companies of any size.
When sensitive information is stolen, or the company’s computers are hacked, the cost can be staggering – high enough to sink even the most financially stable businesses. And this goes doubly for small businesses, as 43% of cybercrimes target them, and a majority (almost 60%), go out of business within the first couple of months of being hacked. And it’s not just the damage to the company itself that you need to worry about; the cost of cybercrime is considerably exacerbated by the fact that the affected businesses can face liability lawsuits for allowing third-parties’ classified information to be leaked.
In the light of these risks, let’s break down the 4 ways you can best protect your business from cybercrime.
Humans are the weakest link when it comes to cyber attacks – 97% of attacks are carried out via social engineering, without attacking your cybersecurity infrastructure. This is why proper training to avoid social engineering attacks such as phishing, baiting, and pretexting is key to reducing your cyber vulnerability. It’s good to hold employee training sessions yearly or even every couple of months to make sure they are informed, alert, and ready for phishing and other social-based attacks.
Regular Software Updates
Nobody likes software updates. They take a lot of time, seem nonessential, and keep you from doing your work. Still, it’s essential to understand that outdated software presents a huge vulnerability to cyber-criminals. They will be ready to exploit any weaknesses in your system and target the companies that don’t have the latest patches and security features.
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Create A Strong IT Policy
Having a unified IT policy will significantly reduce the potential for the staff misusing your systems and security breaches. Employees understanding that there’s a well thought out policy that’s enforced will be a big step to greater cyber hygiene. Additionally, not allowing your employees to access your networks from unsecured devices will significantly reduce the risk of criminals using their devices to access your systems and confidential information.
Investing in Insurance
This is why it’s crucial to be prepared for the worst and create a cyber risk management system. Managing the risk of cyber-attacks and data breaches by transferring their financial burden to the insurer can be done through a cyber insurance policy.
A preferred policy will provide coverage for both first-party and third-party claims. First-party coverage will offer reimbursement of revenue caused by the interruption of business due to the attack. It will also pay for computer forensics experts to determine how the attack happened and improvements to your cybersecurity systems to ensure that no further attacks occur. First-party coverage will also pay for the costs to notify those affected by the attack, credit monitoring, and PR to mitigate damage to your reputation. On the other hand, third-party coverage will cover legal costs and settlements if your business is held liable for damages by those who suffered losses in the attack.