If you’re a business owner, chances are you have quite a bit of customer information stored on your computers. Have you ever considered the implications of what might happen if you experienced a data breach? Do you even have cybersecurity coverage?
The thing is, many standard commercial property and commercial liability insurance policies have gaps that don’t address this exposure, and it’s a big one. In 2015 alone, 429 million identities were exposed due to data breaches, and that’s only the ones that were reported. Additionally, 75 percent of websites were found to be vulnerable to attack.
Even if your business doesn’t have a website, other types of threats like spear-phishing and ransomware can target your employees or company resources. Any computer with an Internet connection can be hacked, and the thought of what it might look like if your systems were compromised is pretty terrifying.
While you can’t be sure that it will never happen to you, there are some things you can do to help reduce the risk:
- Never share passwords with anyone, ever, even among trusted employees.
- Always lock your computer when you are away from your desk or station.
- Use strong passwords involving multiple letters, numbers and symbols.
- Retain only the minimum customer data needed to process transactions.
- Always keep all of your software up to date, especially firewalls, anti-virus and anti-malware programs.
- Only download from trusted websites and sources.
- Don’t use business computers for personal use.
- Don’t click on suspicious emails or links.
- Don’t enter unnecessary personal information onto websites.
If you still feel that you may be vulnerable, it would be prudent to hire a cybersecurity specialist, or contact your in-house IT department about other steps you can take to protect your business and your customers.
In addition, it is a good idea to discuss specifically tailored cyber insurance options with us. We can help you select appropriate coverages to fit the needs of your business and give you an extra layer of protection in case of that worst case scenario.
Sources: Auto-Owners Insurance, Symantec, Microsoft