In this ever-changing landscape of technological advances, it can be difficult to keep up-to-date on everything. However, when regarding cyber security, being knowledgeable about the latest protection is imperative. This can be a daunting task for any business. Larger corporations often have entire departments or outsourced workers to protect their online presence.
Because of these factors, a large portion of cyber attacks are focused on emerging businesses. More than 43% of cyber attacks are targeting growing businesses and the owners do not have the luxury of a dedicated tech team to handle this and find themselves navigating the world of cyber security on their own.
While most of these business owners are concerned about the threat of such attacks, education on the issue is lacking. There are a number of measures these owners could take and many recourses available. The issue seems to be the lack of knowledge about these measures businesses should take on proactively.
Cyber Insurance may not be widely known, but it is a viable option for any business. The concept of Cyber Liability Insurance recognizes the risks of online markets and breaches within the systems. When you leverage a Cyber Liability policy, your insurer focuses on covering the damage resulting from such an attack. A typical policy would assist with:
- Informing customers when a breach in the system has occurred
- Recovering such compromised data of the business and customers
- Restoring the computer systems and security programs
Many providers also offer assistance for any monetary losses that the businesses or customers may have suffered as the result of a cyber attack.
Aside from the loss of funds and the breach of personal information, these attacks can further damage a company. The trust a customer has in the business can be demolished with such a cyber attack. The reputation and integrity of the company can be badly damaged and can cost further revenue in the future.
The first line of defense for these companies is programs and ransomware designed to protect them from such attacks. However, the better the programs become, the craftier hackers will become. While these systems provide the first line of defense and insurance acts as a safety net should the worst occur, there are further measures a business could take to ensure their information remain safe. The FCC provides a comprehensive list of additional steps an owner can take to keep these hackers at bay including:
- Providing firewall security for your internet
- Making backup copies of important data and information
- Keeping employees informed on safe cyber practices
- Limiting who can install software on computers
The knowledge and education of these tools are pivotal to maintaining a company’s security in the ever-changing technological landscape. Most importantly, working with a trusted business insurance provider can ensure your business has the right Cyber Liability coverage to meet your needs.