With large corporations such as Target, Home Depot, and JP Morgan Chase, and Michael’s falling victim to cyber crimes, that doesn’t bode well for small businesses. If you don’t think your small business needs Indianapolis Cyber Liability insurance, think again. According to a study conducted by the National Small Business Association, 40% of small businesses have been victims of cyber crime. On average, each cyber attack costs a small business nearly $9,000. Read on for advice about how small businesses can enhance their cyber security.
Know the Facts
Many small business owners assume that if their business bank account is hacked, that is covered under the Federal Deposit Insurance Corporation (FDIC). That is incorrect. The FDIC protects only personal accounts. Business owners also often believe their general liability insurance will protect them from damages due to cyber crime. That’s wrong, too.
Even huge corporations with layers of security can’t prevent all attacks. It’s wise to heed the following to reduce your risks.
- Vet all employees and partners, and keep an eye out for insider fraud.
- Create a detailed cyber-crime response plan before your business is targeted so you’ll know how to best mitigate losses.
- Invest in antivirus software.
- When you receive a notification that your antivirus software is nearing expiration or needs updated, don’t procrastinate.
- Add firewalls to your routers and servers.
- Invest in a data backup system so you don’t lose key information during a breach.
- Consider encryption software and password-security software to make it harder for hackers to gain access to your sensitive information.
- Educate employees so they can be on the lookout for suspicious activity that could signal a data breach.
- Require employees to use strong passwords that include upper-case, lower-case letters, numbers, and special characters and require them to change passwords ever 2 or 3 months.
Each year, more business functions are conducted online. If you haven’t yet secured cyber liability insurance, it’s time to make sure you’re protected. Getting that protection is as simple as calling us at Walker & Associates Insurance. Contact us at (888) 760-7292 to get started.