Cyberattacks are increasingly becoming an issue for small businesses. The pandemic accelerated the need for businesses to secure their data.
Right now, cybercriminals see an opportunity to steal, expose, and alter information. So, small businesses must take preventative measures to protect their digital assets.
Here are six cybersecurity tips for small businesses.
When cyberattacks make the headlines, it’s generally large breaches at major companies. Cyberattacks on small businesses may not make the news as often, but they’re just as frequent as cyberattacks at large businesses.
Verizon’s 2021 Data Breach Investigation Report found that 46% of security breaches occurred within small and medium-sized organizations (less than 1,000 employees).
A cyberattack may shut a small business down for hours or days—that’s a substantial loss. But the real danger is the cost of recovery.
Insurancebee reports that the average recovery cost for small businesses is $120,000. Plus, there’s the reputational damage of a data breach. In fact, 60% of small businesses go under within six months of a cyberattack.
Understanding the patterns and methods of cybercrime can help prevent it. Roughly 75% of cybercrime in North America is categorized as either social engineering or system intrusion.
Social engineering consists of phishing and pretexting. Both methods are used to target individual employees within companies.
Training employees to be aware of warning signs can help thwart such schemes. Similarly, maintaining a robust anti-hacking and anti-malware defense can help small businesses prevent system intrusions.
Data breaches are often preventable. Cybercriminals target weak systems and take advantage of opportunities when they see them.
Some common examples are weak passwords, lost devices, out-of-date software, and the use of unsecured WiFi networks. Small businesses can mitigate risk by implementing multi-factor authentication and educating employees on best digital practices.
Once a small business discovers a data breach, it can limit the damage by taking quick and effective action. You will need to notify customers, identify the cause, notify law enforcement, and repair the breach. With preparation, you’re more likely to recover from a data breach.
Despite a small business’s best efforts, breaches can still happen. And when they do, the most important thing is to have cyber liability insurance. It can cover costs that could otherwise be detrimental.
Coverage can include breach investigation, customer disclosure, legal fees, fines, credit monitoring, lost income, extra expenses, and reputation restoration.
Luckily, Pathpoint provides immediate, bindable quotes for cyber liability insurance without an appointment. Learn more about our cyber liability coverage.