Technology is a wonderful convenience in the world today, but when it falls short, it can also be a total disaster! Like the majority of people today, you may rely heavily on technology to stay connected and informed; yet there are increased risks with the dependence on technology in your small business. Is your business protected from cyber attacks?

What are Some Risks of Cyber Attacks?

  • Credit card fraud
  • Identity theft
  • Embezzlement

Cyber Liability InsuranceAll of the above risks ARE being committed online and NO business is immune to identity theft, credit card fraud, and embezzlement, to name a few. Did you know that SMALL businesses are a prime target and that 40% of all cyber attacks are focused on small businesses with less than 500 employees?

Small businesses are vulnerable because they have fewer employees, limited budgets, and may have limited technology, thus increasing their target for cyber attacks!

What Can You Do to Protect Your Small Business?

  • Assess your risks and identify your weaknesses. Pinpoint how you are linked to the internet, how you access personal data from customers, and where social security #s are stored, so that you know where to focus your energy on better protection.
  • Determine your plan of action to enact security practices/policies. You must have guidelines in place, to which you and your employees adhere.
  • Educate your employees! Once you have the policies in place, it is imperative that your employees be regularly tested/trained on new and emerging threats. Employees should be held accountable and report any threats or incidences that may indicate identity theft or any other cyber attack risk.
  • Administer a plan to back up all stored, critical data. This is to ensure nothing is lost in the event of a cyber attack. Backing up all files to an offsite location, encrypting any sensitive data regarding employees, customers or the small business, and using a firewall, may do this.
  • Secure your internet connection by utilizing and routinely updating antispyware and antivirus software. It is also critical that you and your employees regularly change passwords to optimize safety!

In this technological based world, you can follow all the tips discussed to optimize safety for you and your small business; however, your small business could still be a victim of a cyber attack! Did you know that you could purchase cyber liability insurance?

What Does Cyber Liability Insurance Cover?

Purchasing cyber liability insurance is critically valuable and should you become a target, like so many small businesses, this cyber liability insurance will help cover costs such as:

  • Data restoration/re-creation, system restoration
  • Business income losses
  • Defense costs should your small business suffer a security breach.

All of these can be costly and detrimental to your small business, so contact your NC independent agent TODAY with your questions on purchasing cyber liability insurance.

YOU, as a business owner, can uphold integrity, trust, and respect from your employees and customers by retaining and promoting security procedures. Contact us today at 336-869-3335 with all your questions concerning cyber liability insurance. This is an insurance protection you cannot afford to live without!