The importance of upgrading your business’s cyber security.
As a small business owner, you might assume that your cyber liability risks are low. Unfortunately, this simply isn’t the case. In fact, independent businesses are often directly targeted by cyber criminals because smaller enterprises typically do not have strong cyber security measures in place. If you are unprepared for a cyber attack, then the costs will be considerable. Here’s what you need to know about the cost of cyber attack and what you can do to improve your business’s online security.
The Cost of Cyber Attack
It’s important for business owners to understand just how badly a cyber attack or a data breach will affect their company and their customers. For starters, your business would be responsible for covering all the costs associated with the breach. This includes the following:
- Cost of notifying clients
- Cost of restoring identities of affected parties
- Cost of recovering compromised data
- Cost of damaged computer systems
- Cost of ongoing credit monitoring of affected parties
- Cost of lawsuits
In addition to these monetary losses, businesses who are hit with a data breach also face reputational harm and the loss of client trust. This can make it difficult for a business to retain customers, attract new clients, secure future contracts, and so on. In some cases, the damage caused by a data breach is so severe that the business never recovers and is forced to close its doors.
Preventing Cyber Attacks
There are many things that your company can do to mitigate its risk for a cyber attack. For instance, here are some of the steps that you can take.
- Train Your Employees– The employees that are allowed to access private information should undergo comprehensive cyber security training, so they understand the risks of a major data breach. During your staff training, you should explain your company’s login requirements, establish appropriate Internet use guidelines, and detail the penalties for violating company security policies. You should also establish rules for handling, protecting, and inputting sensitive customer data to limit exposure.
- Protect Your Connected Devices– Your company’s computers, laptops, tablets, and other connected devices should all be protected by strong antivirus software. Installing this type of software will help to protect your company’s network from being infiltrated by viruses, malware, and other online threats. Update your software frequently to ensure that you have the most recent protection available.
- Secure Your Internet Connection– A firewall is a set of programs that prevent outsiders from accessing information on a private network. You should make sure that your operating system’s firewall is enabled or, if your system is not currently equipped with firewall capabilities, then install firewall software. If your employees are allowed to work from home, then make sure that their home systems are protected by a firewall to ensure that they are not hacked.
This is how a cyber attack will cost your business and what you can do to prevent an attack in the first place. Want another way to protect your company? If so, then make sure you have the right business insurance in place. For assistance with all your commercial coverage needs, contact the experts at Gant Insurance Agency today.