Data is everywhere. We store it in our internal business systems and in the cloud. We collect it from our clients and share our data with business partners. Leaders need data, value it, and are able to amass it. We carry data with us and leave a digital footprint every day. Technology providers help us store it forever and share it globally. In the data breach era, leaders face greater risk if they fail to protect data throughout its lifecycle.
Data breaches can be expensive and they strike without warning. In a recent study, more than 50% of small- to mid-sized businesses surveyed stated they faced a cyber-security attack, and the average cost of a data breach has increased to a staggering $5.9 million!
Data Breach Prevention
There are many tactics to help your business secure its networks and protect itself. Here are a few best practices to incorporate to make sure your information technology systems are ready if a breach occurs.
Be sure all your operating systems are up-to-date. By updating your computer systems with the latest version of the operating system, it will fix any bugs and help prevent a possible hack.
Be sure a firewall is installed and up-to-date. A good firewall will protect your systems from a possible hack and still allow your employees to work without interruption.
Install the latest software with protection against viruses, spyware, and phishing attempts. This type of software will allow maximum protection against cyber-hacking attempts.
Be protective when it comes to your company’s wireless network(s) and stored information. Hide your company’s Wi-Fi name and use encryption to safeguard sensitive information.
Spend time educating your workforce so they are aware of security measures they can take to protect themselves and your organization and any potential client information. Review computer usage policies and other related email and social network policies to be sure all employees are in compliance and understand what is expected of them.
All businesses face their own types of cyber risks, and while they may not be completely avoidable, having a prevention plan, educating your employees, and proper cyber liability insurance coverage can protect your business from the financial and operational dangers of a cyber security breach.
When creating your plan, focus on prevention, resolution, and restitution. While prevention should be your primary focus, it is wise to have a plan in place in the unfortunate event that you are faced with a breach. Be prepared for any repercussions the threat may have caused, including loss of trust from employees and customers.
If you experience a security breach, cyber liability insurance can provide protection. Your main concern after a breach is minimizing the amount of compromised information and working with your insurance provider to rectify the issue and manage any losses. Most policies include a range of deductibles to fit your needs, high coverage limits, and credit monitoring. It's easy and quick to obtain a quote.
To learn more about how to protect your business with a cyber liability policy, visit swbc.com/cyber-liability-insurance