These days more and more businesses are using cloud-based storage for documents of all kinds. This type of storage offers a number of conveniences like the ability to access the information from anywhere in the world. However, it doesn’t come without risk. As we’ve seen in recent years, companies of all sizes have been victims of cyber security breaches, which is why when you choose to go this route you must take the steps necessary to strengthen your organization’s cyber security and protect sensitive information.
According to Selective Insurance Company, a recent poll from the advisory services firm KPMG revealed that about two-thirds of business owners consider cyber security to be a potentially major source of business interruptions. However, just 17% of businesses have a plan in place in the event that they experience this type of problem. When you consider the fact that nearly over 17.5 million people in the United States have been victims of at least one incident of identity theft with many of them a result of an internet security breach, it’s obvious that a strong cyber security plan, as well as cyber liability insurance, is a must for your business.
It is recommended that you start with some cyber security basics to help you avoid cyber breaches. Consider these tips to start strengthening your business’ cyber security:
- Make sure your networks are password protected.
- Change your passwords several times a year.
- Only allow authorized personnel to access your computer systems.
- Set up an internet security program.
- Place your network behind a firewall.
- Make sure all financial data is encrypted.
- Provide information security training for your employees.
- If you have a payment processing collections system, be certain that it is properly protected.
- Put a business continuity/business interruption plan into place.
- Keep an eye on the latest news regarding cyber security and the strategies cyber criminals are using.
This list isn’t a complete list, but it will help you get on the right path toward a stronger cyber security plan for your business and help reduce your risk.
A vital part of any cyber security plan is to make sure you have the costs of a cyber breach covered. The Whitlock Group, Inc. has many different options to best fit your needs. If you are interested in discussing your cyber liability exposure, please give us a call.