In 2014, 42.8 million cyber security attacks were identified and reported by PricewaterhouseCoopers. Although the media mainly focuses on larger companies that fall victim to a cyber attack, small businesses need to be just as concerned, if not more.
About 40 percent of all breaches occur in organizations with 1,000 or fewer employees and 31 percent in organizations with fewer than 100 employees, according to the 2013 Verizon Data Breach Report.
Here are 4 tips to help you defend your small business against a cyber attack:
- Recognize your vulnerabilities. Ask yourself what about your business is most attractive to a cyber criminal. Is it your intellectual property, trade secrets, or customer information? Identifying your vulnerabilities before an attack can help you understand what measures you need to take to protect your business.
- Make sure your code is clean. The National Institute of Standards and Technology’s National Vulnerability Database discloses more than 4,000 vulnerabilities in commercial applications that use open-source code as components. Check with your security software company to help identify and fix any problems with your applications’ source code.
- Outsource your security operation. A typical company dedicates only 8 percent of its total IT budget to security needs. If you don’t have the budget to build a sophisticated IT security system, find a service company with the necessary skills to protect your operations and sensitive data.
- Buy cyber liability insurance. Since a breach is inevitable, the best way to protect your business is with cyber security liability insurance. This coverage protects you from the liability costs, remediation efforts, and fines or penalties associated with a breach or attack.
For more information on cyber liability insurance, contact McGrath Insurance Group at 800-342-3859 or visit our website at www.mcgrathinsurance.com.
*This article is written for informational purposes only and should not be construed as providing legal advice.