In 2021, 82% of ransomware attacks were against companies with fewer than 1000 employees, while 61% of small-to-medium enterprises (SMEs) in total were the target of a cyber attack, explains StrongDM.
For SMEs, it can be easy to overlook Cyber Insurance as one of the core Insurance products necessary for business protection. In reality, this is an essential consideration that could leave your business vulnerable if not considered.
Learn more about the importance of this coverage and how to protect your valuable business from cyber threats.
Why is it important to protect against this?
Cyber protection is necessary to defend the sensitive, personal information of your business, as well as its clients or customers. A cyber attack is able to cause financial harm, as well as operational disruption and even damage your company’s reputation.
It is more important to be prepared against cyber crime now than ever, as data breaches are currently on the rise.
Here are the 7 ways to protect against cyber threats
1. Back up important data
A cyber event can potentially lead to the loss of valuable intellectual property. Ensuring necessary data is backed up will make it easy to recover information later if an incident does occur. You can do this by regularly backing up information to a portable device, or storing this on a cloud.
2. Secure your systems
In order to prevent infection of malware or viruses and enhance network security, it’s important that any programs and devices are protected. It is essential to perform regular updates, and install appropriate security software and firewalls.
3. Encryption
Any data that is stored or available in the online sphere should be encrypted in order to reduce risk of damage or theft. The encryption process involves the conversion of readable data into an encoded form, which prevents those who are not authorised, or who do not have a password, from accessing it.
It is recommended that you turn on network encryption, which can be done through router settings or by installing a VPN on your device. Prey Project suggests you use encryption software, encrypted USB drives and email encryption products.
4. Employ additional layers of account security
Additional security measures are important for accounts and devices to ensure that attackers are not able to gain access. Multi-factor authentication is a good way to protect against these attacks, as this verifies that it is the account owner that is attempting access.
When it comes to passwords, these should be updated regularly, well-managed, unpredictable and complex. You should also use a different password for each account to protect your accounts in the event that one becomes compromised.
5. Train employees
You should ensure your team members are educated around safe practices for handling information, especially when this is shared online. Ensure there is education around threat identification so that these can be easily recognised, and adopt a threat reporting process to alert the wider company and motivate action to reduce threats.
6. Secure customer information
Compromised customer information can lead to damaged reputation, financial loss and even legal consequences, exposing both your customers and your business. Customer information should be protected by offering secure online transactions, implementing a privacy policy and following the 13 Australian Privacy Principles.
7. Remain aware of changing security risks
You should remain knowledgeable of any current scams and remain aware of the types of attacks that are circulating. This will assist in obtaining the appropriate protection and better risk identification.
Cyber Security Insurance with Atlantic Insurance
In the event that a cyber incident does occur, Cyber Risk Insurance is a necessity that reduces the financial impact as well as the severity of business interruption. This includes cover for loss to your business, loss to others, and can be extended to a range of other forms of coverage to enhance risk management.
Atlantic Insurance is a reliable Insurance Broker that has been assisting businesses to be prepared for cyber events and data breaches for the past 8 years. Our experienced team takes the time to understand your specific requirements to provide only the most relevant insurance cover that falls within your budget and protects your business.
Contact us to discuss your needs and receive a quote for comprehensive defense.
Any information contained on this page of the website is general advice only and has been prepared without taking into account your objectives, financial situation or needs. Your should consider these, having regard to the appropriateness of this advice and the relevant Product Disclosure Statement (‘PDS’), Target Market Determination (‘TMD’) and Financial Services Guide (‘FSG’), which will be provided following any formal recommendation to you.
