Cyber attacks are on the rise – Is your business prepared?
As if small business owners didn’t already have enough on their plates, recent data shows that cyber attacks are as prevalent as ever. It may be surprising to many, especially since it seems like cybersecurity has stepped up its game in recent years. However, numbers suggest there’s a whole host of smaller-scale attacks that are wreaking havoc on small businesses on a daily basis. To help protect your business, here are a few things you should know about cyber attacks in 2018.
Attacks are on the rise. The threat posed by cybercriminals is constantly shifting, and they always seem to be one step ahead. Digital crime is on the up, particularly on smartphones and tablets. Smaller companies are increasingly vulnerable, too.
The financial impact can be significant. Businesses of all sizes can suffer huge financial losses from theft of data and financial information, especially if they’re reliant on online trade. From cleaning up affected systems to fines for personal data being compromised, the business can face huge financial loss after even one attack.
Reputation will take a hit. It’s not just the financial costs that businesses have to worry about. A security breach can severely damage an organization’s reputation if it is reported in the media or on social networks. In turn, the company could face a loss of revenue, canceled contracts, and unsatisfied customers. Competitors will be quick to take advantage of the negativity.
Businesses can protect themselves. Cyber breaches can be prevented by putting security basics into practice, including:
- Using secure passwords
- Installing antivirus and malware software
- Educating staff on cyber risks and how to respond to them
- Downloading software updates when necessary
- Securing cyber liability insurance
Talk to the team at Abbate Insurance to secure your needed cyber liability insurance. While insurance isn’t a substitute for strong cybersecurity, it is important for a business’s risk management plan. To get started on your policy, contact us today.
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