How a Small Business Can Conduct a Cyber Risk Assessment

When businesses hear about cyber attacks and data breaches, they may think that large companies are the only targets or at least the most vulnerable. However, even though cyber criminals have put large businesses in the crosshairs (such as notable recent breaches with Target, Yahoo, Equifax, and Wells Fargo, among others), small businesses are not immune. Small businesses, in fact, face a greater risk since lack of security infrastructure may be an issue.

Small businesses should be hyper diligent in their approach to protecting against cyber attacks and inquire about the right coverage, including cyber security insurance But they should also know how to conduct a cyber risk assessment to be prepared and be as protected as possible.

Identity Threats

According to the Information Systems Audit and Control Association, self-assessment and monitoring should be a continuous process done at least once every other year.

Small businesses should assess various risks as their first step in the process. While small businesses face their own set of unique threats, there are some common risks that seem to show up more regularly. These risks include malware and ransomware attacks, unintentional human error, loss of data due to poor backup processes, and data leakage.

Knowing the possible threats that can plague your small business is the first line of defense and allows your company to identify areas of vulnerability.

Risk Level

Certain threats are more apparent and likely than others. Small businesses should assign a risk level to each threat to make a better contingency plan and understand the severity of the issues. Business owners should assign low-impact, medium-impact and high-impact labels to the risks, like those mentioned above.

Low-impact have minimal impact on the future of your business; medium are damaging, but can be recovered with the right follow-up steps; high risks are substantial and could leave a lasting impression, possibly even causing a business to close down.

Get Outside Help

Even though companies and businesses of all sizes and industries face what looks like more and more threats today, especially in terms of cyber attacks, it has opened the door of opportunity for finding support. Outside security firms are growing and offering the assistance that businesses like yours need in order to keep the integrity of your business safe in all ways.

Security firms can conduct risk assessments for you that determine if you’ve already been compromised or breached. This kind of testing is a valuable option when testing readiness, recovery and flexibility levels. This kind of help can be expensive, sure, but it will be far cheaper in the long run compared to being attacked and losing information, clients/customers and overall business.

About Walker & Associates

If you’re in the market for a new insurance partner, do your homework to ensure a lucrative venture and positive relationship. Contact us online at Walker & Associates Insurance or by phone at (800) 213-7126 for your Carmel insurance needs. We can explain your coverage options and how much coverage will cost.