How to Protect Your Business from Cyber Threats
It seems like you can’t go a week without hearing about another corporation getting hacked. Cyber-attacks shouldn’t only be a concern for large businesses. Small businesses should be on the lookout, too.
According to Small Business Trends, 43% of cyber attacks target small businesses. If you take payments for your product or services, you have valuable information hackers want. You also have your employee’s information. It’s important you do whatever you can to protect it!
Steps to Protect Your Business from Cyber Threats
1. Know your Data
You don’t know how much is at risk until you understand what data you have in your possession. Be aware of the nature and amount of customer and employee information that you have, in order to best prepare against a cyber attack.
2. Develop a Password Strategy
Many cyber-attacks happen because passwords being used may be too simple or too obvious. Implement an effective password strategy that requires team members to create passwords that include combinations of uppercase and lowercase letters, along with numbers and special characters. Team members should also reset their passwords every 2-3 months. While this might be a pain, the added security your company will have will be worth it.
3. Use Multi-Factor Authentication (MFA)
In addition to having a strong password, it is also a great idea to start using multi-factor authentication. This technique requires several different pieces of “evidence” to confirm your identity. You can do this by connecting a phone number, authentication app, or physical token. More and more services are implementing this technique and if you aren’t taking advantage of it, you are missing out on a crucial security features.
4. Encrypt your Data
The best way to make sure hackers cannot use any information is to encrypt your data. Data encryption ensures that the information is useless to hackers who steal it. Data encryption software is available on most operating systems today. It can encrypt data on a desktop or laptop computer when it is at rest.
5. Invest in Cyber Liability Insurance
You likely have coverage for your small business to insure against a physical break-in, why wouldn’t you get insurance to cover a cyber-attack? Cyber liability insurance is designed to protect your business from various cybersecurity threats, like data breaches and network security. Cyber liability insurance also covers data breaches related to the physical loss of items that contain data if they are stolen by employees or people outside of the business. If you’re a small business, you need cyber liability insurance.
Questions about our different policy types? View your options here!