If you think that only large corporations can be faced with a cyber security attack - think again. 

Small and medium sized businesses are generally an easier target for hackers because of their “lack of resources and security expertise” according to Forbes. 43% of cyber attacks are aimed at small businesses, but only 14% are actually equipped to defend themselves. Don’t let this happen to you and the business you have worked so hard to build.

cyber liability insurance

Here are 10 ways to protect your business from cyber attacks:

  1. Discourage employees from using work computers for anything but work. Not only does it affect their productivity, using a work computer for personal reasons opens you up to bigger risk.
  2. Talk about cyber security with your employees often. Train them to recognize a malicious link and frequently remind them to never click on a link that looks suspicious. 
  3. Insist that employees use Multifactor Authentication for any programs that require a username and password. Provide them the instructions on how to do so.
  4. Make sure your data is segmented by department. Ask yourself, “Why would someone in Marketing need access to Accounting data?”
  5. Install patches once they are available. This means performing system updates immediately once you are notified that one is needed. These patches fix security and performance of the program you are using. 
  6. Have a plan in place if a ransomware attack occurs - and make sure your entire team knows what the plan is. Here are some tips from AMTrust for creating a plan.
  7. Ensure you have a backup system in place.
  8. Utilize password protection programs and password generators.
  9. Take an inventory of your data. How do you keep your data, how long do you keep it and where do you store it?

cyber liablity insurance

Every 14 seconds, a small business is hacked. YIKES. Cyber Liability Insurance is no longer a luxury for small businesses - it’s a necessity. 

Ransomware attacks have grown over 97% over the last two years. Most often, ransomware ends up on a computer by clicking on a link in a spam email or a compromised website. Did you know that having a cyber insurance policy can pay the ransom if this happens to you? In fact, they can also set up backups, pay your lost business income and more.

Check out these scary statistics (as of 2021):

$879,582 = Average cost to a business after a data breach to to damage or theft

$955,429 = Additional average cost after a data breach due to lost business

The threat of a cyber security attack is real and the results on a small business can be incredibly damaging. By taking these steps and securing cyber liability insurance, your risk is greatly reduced.

Our business insurance experts are ready and excited to help you protect all areas of your business. Give us a call or start your complimentary business insurance proposal here

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A little more about Blue Marsh Insurance...

When he founded Blue Marsh, Tom Davenport wanted to create a different kind of insurance company. One that’s built on personal relationships and a local presence. One where you, the customer, feel more like a friend.

As an independent insurance agency, Blue Marsh Insurance represents a carefully selected group of financially strong, reputable insurance companies. Therefore, we are able to offer you the best coverage at the most competitive price.

If you’re interested in starting a quote online or having us take a look at your current policies, click here!

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