Business owners and executives must be vigilant about the risks that they encounter in their day-to-day operations. Because so many businesses carry out a significant volume or even all of their regular activities online, cyber threats are likely to represent one of your company’s greatest areas of risk exposure. Cyber attacks against businesses have become increasingly prevalent, and it isn’t something that only huge corporations that store massive quantities of customer data have to worry about. Take strong, preventative measures to protect your company against cybercrime.
Assess Key Threats
Every company’s cybersecurity risks are unique to their operations. The number of people you employ, the type of work that they do, and their access to sensitive information are all relevant considerations.
Identifying your biggest risk exposures will help you decide what types of precautions and strategies to prioritize for your business. For example, if you have a large workforce, upgrading your cybersecurity infrastructure and training your staff should be high on your to-do list.
Assessing threat levels will also enable you to make judicious decisions about insurance. This analysis can help you gauge how much coverage you need and how much you can reasonably afford to pay for it. If you’re unsure about what type of coverage is best for your business, look for cybersecurity companies near me to assess your risk and get personalized recommendations.
Seek Out Affordable and Effective Cyber Insurance
Cyber liability policies have grown more expensive in recent years as the number of attacks against businesses has escalated, but this type of protection can serve as a vital safeguard in the event that you sustain a breach. These policies’ benefits can pay for legal expenses, settlement agreements for claimants, or court-ordered awards for damages. In addition, a policy’s proceeds could compensate you for regulatory fines and penalties.
Bear in mind that not all of these policies offer the same types of coverage and benefits. Refer to a comprehensive cyber insurance coverage checklist when you are weighing different tiers of coverage. It may be advantageous to enroll in a policy with benefits geared toward helping you navigate the immediate aftermath of a breach. You may require assistance to investigate how a breach occurred and what steps are necessary to prevent it from happening again. If an attack compromises customers’ data, you will need to send out timely notifications in accordance with applicable state and federal law. Ultimately, having the right insurance coverage could equip you with the resources that you need to have at the ready in order to act quickly, compliantly, and effectively.
Don’t erroneously conclude that you don’t have to worry about cyber insurance if you hire a third party to handle one or more facets of your company’s cybersecurity management. While you may be relying on their expertise, never lose sight of the fact that your company could wind up paying the price for their mistakes or oversights.
As your company grows over time, the way that you define and measure your risk exposure is going to change as well. Be sure to review your cybersecurity plan periodically with an eye toward gaps or deficiencies that could coincide with scaling up your operations. Refining your policies and strategies to address changes in your risk exposure could be integral to protecting your operations during growth phases.
Furthermore, cybercriminals are continually innovating their tactics and utilizing cutting-edge technology to thwart companies’ defenses. They create workarounds for certain security protocols featured by the most popular antivirus programs, they devise new phishing scams once old ones have ceased to hold efficacy, and they are using advanced AI programs to break passwords. You have to keep your business one step ahead of them by staying current with the best practices in cybersecurity management.
Use monitoring software that can help you detect suspicious activity on your business’ network or operating systems. Honing in on irregularities and deploying remedial measures could allow you to resolve issues before they cause extensive or irreparable harm.
Lastly, stay connected with your business’ insurer about emerging trends in cyber claims. A knowledgeable insurance provider should have some insights into the types of problems that companies are dealing with as well as smart strategies for preventing them.