Small businesses are increasingly becoming the target of cyber-attacks; 71% of such incidents involve organizations with fewer than 100 employees. With each attack costing an average $500,000 to fix, it’s an expensive price to pay for being unprotected against cyber threats.

More and more businesses are finding out the hard way just how important cyber security is; at Brandt Insurance & Financial, we have the products in place to protect your business in the event you fall victim to an online attack.

As the threats become more advanced, the more far-reaching your security coverage needs to be. If you want to make sure your small business is protected, follow our five steps to improving your cyber security and safeguarding your livelihood.

Eliminate unnecessary data

Many cyber-attacks are orchestrated with the goal of stealing sensitive information, either about your company or your customers. To reduce the risk to your business and your clients, permanently eliminate any unnecessary data stored if it isn’t used for a specific purpose. Moving forward, it can be prudent to halt the collection of unnecessary data in the future if this information has no benefit to the business, as without any sort of benefit, the data can essentially pose an unnecessary risk. Files should be properly destroyed rather than simply deleted.

Provide security training

It’s essential to make sure that everyone who works at the company is on the same page with regards to cyber security. Providing dedicated training can help educate employees on the importance of safeguarding sensitive information within cyberspace, including on social media. Establish guidelines and rules and circulate these among workers to provide clear instruction on best practice and, where necessary, impose penalties for misconduct and failure to comply with your company’s procedures.

Invest in cyber insurance

Cyber insurance is designed to provide peace of mind that in the event of a cyber breach, any losses will be covered if your business is disrupted. It also covers your liability should a security breach put sensitive client or staff data at risk. We source cyber insurance products that are tailored to your business, with different levels to reflect the size and type of company you operate. The right sort of cyber insurance policy will provide you with the necessary third party liability and first party expenses coverage – speak to us today to learn more about our business insurance products.

Upgrade security software

Because companies are legally bound to protect sensitive information, the implications of data leaks can be extensive; it makes sense, then, to use effective security software to protect this information – as well as your computer infrastructure – from threats. Anti-virus and security software should be upgraded at intervals to deal with sophisticated attacks – failure to update software can leave your business open to threats. There are also specific threat intelligence services you can enlist to add an extra layer to your cyber security efforts.

Establish an action plan

With almost half of all small businesses affected by cyber-attacks, avoiding such an incident is not always possible, despite your company’s best efforts. Having a first response plan of action in place, however, can mitigate the negative effects and ensure the attack is dealt with effectively. Internal and external communication should be a priority, along with efforts to understand the root cause. Contact your cyber insurance provider as soon as possible following an attack to learn more about how to handle the aftermath.

A proactive approach to cyber security can help guard against threats; get in touch with the experts at Brandt Insurance & Financial today to learn more about how cyber insurance can protect your business – and your bottom line.