Unfortunately, we live in a world where every business needs to be vigilant about cyber security. Even if you’ve put safeguards in place to protect your business, cyber attacks can be devastating. Studies show that cyber crime can cost small businesses more than $2.2 million a year, causing 60 percent of those affected to go out of business within six months.
We’ve compiled the answers to some of the most common questions we receive about cyber security and your business:
How Does My Business Get Attacked?
Scammers are sneaky. And they are bold. They work hard to find ways to trick you into providing sensitive information by pretending to be someone you trust. Here are just a few ways they do it:
- Physical security – You throw away sensitive documents without shredding them, or accidentally leave a flash drive in a public place. Scammers steal this information and use it against you.
- Ransomware – You download an attachment from what appears to be a legitimate email sender, and the software holds your data hostage.
- Phishing – You receive an email that looks like it’s from someone you know urging you to click on a link or provide sensitive information. If you do, scammers can install programs that lock you out of your data.
- Business email imposters – Also called spoofing, a scammer creates an email that looks like it’s from your company, and uses it to steal money from someone else.
- Tech support scams – You receive a call or email stating there is something wrong with your technology. They convince you to provide personal information in order to “fix it.” Then they install malware, get access to your computer, enroll you in worthless repair services or warranty programs, etc.
How Can I Protect My Business?
Knowing your risks and taking some basic security steps can make it more difficult for scammers to get to your information. We advise the following:
- Protect your files – Require passwords with multi-factor authentication and keep your software updated.
- Protect your wireless network – Create a unique name and password for your router, disable remote management, and make sure the WPA2 or WPA3 encryption is turned on.
- Create complicated passwords – Require at least 12 characters that are a combination of capital and lowercase letters, numbers and symbols. Don’t use the same password for more than one purpose or share passwords via text or email.
- Train your team – Make sure all your employees understand the importance of security, and keep them updated on new risks and vulnerabilities.
Do I Need Cyber Liability Insurance?
If your business uses computers or mobile devices, accepts credit cards, stores confidential customer information, or keeps medical or financial data, you need cyber liability insurance. It’s another tool to add to your business’s safety toolbox, and covers your privacy, data and network exposure.
SMF Insurance is here to protect all aspects of your business. As an independent insurance agency, we pride ourselves in offering you 16 trusted, well-known carriers, to offer the coverage that is right for your needs and your budget. Your peace of mind is our priority. If you are concerned about your business’s cyber liability, please contact us for a free consultation with our experienced agents. For more tips and our latest updates, visit us on Facebook, Twitter or LinkedIn!