Almost every business has an online presence, whether it’s social media or a website. Regardless, cybercriminals find it tempting to target these companies, considering they hold vast networks and online systems to carry out operations.
Businesses employ many ways to keep themselves safe from cyber attacks, including antivirus software and investing in cyber liability insurance. However, minor vulnerabilities in their systems can lead to a successful attack.
This article will summarise the signs that your company’s online defences are weak and why you should have cyber business insurance.
The Warning Signs
Around 43% of cyber attacks are directed at small businesses, yet a measly 14% are prepared to defend themselves. The vulnerability of small businesses, likely due to insufficient security systems and lack of resources, makes them tempting targets.
If you are a small business owner, you might not be aware of certain weaknesses in your IT infrastructure, which might include:
Outdated Antivirus
Cybercriminals are constantly creating new malware to bypass digital security, emphasising the value of updated antivirus software. If you haven’t upgraded your cybersecurity applications and firewall, you are at risk of an attack.
Unclear Cybersecurity Policies
60% of small businesses do not have a cybersecurity policy. A cybersecurity policy is a set of protocols designed to train and educate employees and managers on how to prevent and recover from a cyberattack. The absence of a cybersecurity policy is like leaving the door of your office open in the middle of the night.
Weak or Old Passwords
The golden rule of keeping business passwords is to make them strong enough to be difficult to guess and to change them continuously. Some hackers will use brute force, wherein the criminal tries trillions of password combinations within seconds, or phishing attacks to obtain the code from clueless victims.
Cyber Business Insurance: A Lifesaver
In some cases, an attack is inevitable, and the business faces the aftermath. Some companies never had the chance to recover after being a victim once due to financial constraints and tarnished reputations.
Besides having a comprehensive cybersecurity policy, cyber business insurance is paramount to ensuring the business recovers. This policy covers financial losses or costs incurred in a cyber attack, cyber fraud, or data breach. Reach out to 4 Sight Risk Partners to learn more about cyber insurance.
