Most Small Businesses Are Not Prepared for Today’s Cyber Threats
According to a recent survey conducted by the Hartford Steam Boiler Inspection and Insurance Company, about 70 percent of businesses experienced one or more hacking incidents during the past year. More than 50 percent of business owners did not feel that they had spent enough money or trained enough personnel to address the growing security risks and evolving hacking techniques.
Experts at HSB said that businesses can do better when it comes to dealing with hacking attacks and stressed that the key factor to overcoming security risks is preventing them in the first place instead of dealing with the aftermath of attacks. Of the risk managers interviewed by HSB, more than 60 percent were from large enterprises. Another 30 percent represented mid-sized business, and almost 10 percent were associated with small businesses.
One of the major concerns addressed in the report was the security of cloud technology. For cloud services, more than 75 percent of risk managers cited confidentiality breaches as their top concern. About 15 percent cited service interruption as their main worry, and a small percentage voiced government intrusion concerns. Of those who cited information breaches as a top concern, more than 50 percent were especially worried about exposing personal information of individual clients. More than 30 percent were concerned about sensitive corporate data leaks, and about 15 percent of respondents were worried about exposing financial data.
Researchers also asked risk managers about their preferences among different types of services to combat hacking. More than 30 percent favored penetration testing and intrusion detection. About 25 percent preferred to educate their employees better, and another 25 percent hoped to use encryption.
Every business owner or risk manager should make sure that security basics are covered. Along with advanced measures, these are some helpful tips to remember:
- Remove electronic data from company computers before disposing them.
- Restrict access to sensitive customer data to a few trusted employees.
- Use password protection for computers and important files.
- Encrypt emails and stored data.
- Keep antivirus software and malware removal software updated.
- Secure access to the network on all levels.
- Train workers and test their knowledge regularly about security measures.
Another important part of hacking defense is buying cyber liability insurance. More than 45 percent of the respondents in the survey reported buying this insurance or raising existing coverage levels for it. In comparison with the high cost of a data breach, the low premium yields a great value.
Let us help you make an informed decision for your business insurance needs. Our licensed agents specialize in cyber liability insurance, give us a call today at 866-871-4912.