CYBERSECURITY awareness month

October is Cybersecurity Awareness Month, so we've compiled some information that may be useful to you!

These days even the most old school of business involves technology in some way, whether it be email, cell phone usage, a credit card machine, or even an online customer database.  Even the smallest business with only a small amount of online interaction may be vulnerable to cyber hacking or attacks.  Every business can benefit from some level of Cyber Liability coverage.

Are You At Risk?

Does your business engage in one or more of the following activities?

• Is your business connected to the internet?
• Do you have a business website?
• Does your website have a customer support forum or message board?
• Do you do any internet advertising?
• Do you participate in e-Commerce?
• Do you do online payments or credit card processing?
• Do you store customer data?
• Does your business do web design or provide media content?

If you said yes to any of the above then your business is at risk for data breaches, security issues and even lawsuits for things like copyright infringement, intellectual property theft and plagiarism.  Cyber Liability insurance can help.

Why You Need It

In just one week, virus removal software companies identified 30 new computer viruses to add to the long list of thousands (possibly millions) of known viruses from around the world.  Each of those can be transmitted in a number of ways, including email, instant messaging, malware and malvertising.

Data breaches may also occur via accidental means such as an employee losing a laptop.  Less accidental ways may include employees revealing passwords or customer information on social media.  In fact, your employees may be more of a threat to your cyber security than hackers.

The losses due to global cyber crimes are estimated at $400 billion per year.  In just one year, companies like Target and eBay were hacked, as was the federal government (click here for a list of recent breaches). Big companies like these make the news, but small businesses may be even easier to breach, and the cyber crime may go unnoticed for even longer.

Cyber Liability Coverage Can Help

Data breaches can be costly.  When you think about all of the ways a data breach can affect your business, the financial losses add up quickly:

• Governmental regulations for customer notification of compromised personal data
• Financial losses to customers
• Provision of credit monitoring to affected customers
• Lost business revenue for computer/network outage
• Lost business revenue due to loss of reputation (public relations/crisis management)
• Forensic assistance to determine the extent of the breach
• Legal assistance to help comply with applicable laws
• Regulatory defense and penalties

Take Preventative Measures

• Limit the personal information you share on social media and think carefully before accepting new friend requests
• Update privacy settings so your social networks are only accessible to people you know
• Download apps from reputable sources, review user agreements and delete apps you don’t use

• Create strong, unique passwords
• Use multi factor authentication, like text and email notifications or bio metric identification
• Stop and think before clicking links or opening attachments in emails, instant messages and online posts
• Shop safely online. Before entering personal information, be sure the company is reputable and encrypts your information. Be alert for auction scams and too-good-to-be-true offers

• Update your devices with the latest security software, web browser and operating systems
• Avoid using public computers and Wi-Fi networks for private or financial matters

A data breach or hack doesn’t have to mean the end of your business.  Contact Theodore & Associates to get a quote on a Cyber Liability insurance policy.