Cybersecurity is a challenge for all businesses, but it’s particularly challenging for small and mid-size companies because they often don’t have the security and technical expertise of larger organizations.
The broad adoption of technology by organizations across all sectors has created new opportunities for cybercriminals. While the success of cybercrimes has increased, so has the severity of business loss, due in large part to the rising costs of ransomware. How can you protect your business from a costly cyber attack or help it recover financially should one occur?
Here are three suggestions:
Increase Your System’s Security
Despite popular belief, email isn’t a secure form of communication, so every organization needs to use caution when sending or verifying sensitive information. Breaches in security can result in funds transfer fraud, ransomware, and stolen data. What can you do to secure your system? Implement multi-factor authentication, maintain good data backups, enable secure remote access, and update your software regularly. Additional precautions include using a password manager, scanning for malicious software, and encrypting your data.
Provide Employee Training Programs
Properly mitigating cyber risk isn’t accomplished by only the IT team. It requires a deliberate culture of cyber risk awareness that holds every individual accountable. Through security awareness training programs, all employees can gain the knowledge they need to stay vigilant and avoid becoming the victim of a phishing attack.
Insure Against Losses from Cyber Crime
Even with the best defenses in place, businesses can never be 100% secure. That’s why having cyber insurance that can help you recover from loss, should it occur, is so important. Did you know that cyber insurance claims are among the most frequent insurance claims made by small and medium-sized businesses, yet a substantial majority of these companies remain uninsured? Don’t be one of them. If the worst happens, make sure your organization is prepared to recover.
ENTRESURE has partnered with industry experts to best provide cyber security insurance for small and medium size businesses. if you want to provide protection for your business, click here to get quotation tailor made for your business.