When it comes to cyber attacks, no business is immune – no matter how big or small. And for small businesses in particular, an attack of this nature can be crushing and cause huge losses and devastation.
For that reason, cyber security for your small business should be top of mind, and measures should be in place to protect your data and systems from unwarranted attacks.
Staff can also unwittingly let fraudsters into their computer and your servers by clicking on malicious content in emails or on social media; that’s why training and education should also be part of your management plan.
In this blog, we discuss cyber threats small businesses commonly face, as well as protection and insurance coverage and how it can help you.
Cyber Security Threats For Small Businesses
Cyber security threats come in numerous forms, including:
- Malware + ransomware:
Malware is malicious software that can harm, exploit or encrypt a device, files, operating system or entire network. Viruses and Trojan horses are types of malware.
Ransomware is malware that not only accesses your system or device, but then can lock your information and demand a ransom to release it.
- Phishing + Social-phishing:
Phishing refers to when an email or text message is disguised as originating from a legitimate sender and inside there’s a malicious link. Typically, the aim is to gain access to lure people into providing sensitive information and access to their accounts, systems etc.
Hackers can gain sensitive information, such as login credentials or credit card information, or access to people’s social media accounts by Social Phishing.
- Human/employee error:
We’re all human, and so are your employees, but that means they can unintentionally cause security breaches to occur, such as downloading malicious software without realising it’s not credible.
Inaction, such as not carrying out security updates on software and devices, can also lead to cyber attacks. That’s because these upgrades may have security improvements to protect against attacks or viruses.
- Disgruntled worker
Unfortunately, employees can hold the key to sensitive information about your business and clients and can intentionally share that data.
To prevent these kinds of attacks, businesses should limit employee access to more sensitive data.
Cyber Security For Small Business
Along with insurance, there are many other ways to protect your business against cyber attacks.
We explain nine ways in our blog here.
- Ensuring software is up to date
- Backing up your data
- Educating staff about cyber threats and implementing a security policy
- Choosing passphrases rather than passwords and make them complex
- Utilising multi-factor identification
Cyber Liability Insurance For Small Business
Cyber liability insurance is a must-have for every small business because criminals are cunning and opportunistic.
This type of insurance can cover:
- Costs associated with cyber event responses
- Losses for your businesses, including business interruption costs and revenue replacement
- Losses to others.
Are you ready to insure your business against cyber attacks and protect your business from their financial consequences?
Insurance Web is your local insurance expert. Known for our simple processes, cost-efficiency and trustworthy staff, we’ll help you get the right business insurance cover, so you can trade confidently and securely right now!