3 Steps to Protect Small Businesses from a Cyber ​​Incident

We live in a digital world. Almost every aspect of our lives incorporates the use of technology. Even the smallest businesses on the high street, which once relied almost exclusively on footfall, community support and word-of-mouth, are increasingly embracing and implementing digital infrastructure in every phase of their operations.

As digital technology continues to permeate society, the efficiencies and opportunities it creates come with inherent risks. Here are some questions you can ask yourself to determine if your business is at risk of a cyber incident:

• Do you have information about a customer or employee in your custody, custody and control?
• Do you have any customers?
• Do you use a bank account?

If you answered “yes” to any of the above questions, then your business is at risk of a cyber incident.
Growing and evolving cyber threats and events, such as the CrowdStrike issue – which was not a malicious act – have crippled digital infrastructure across industries and are a stark reminder of the need to prepare for the unexpected.

Cyber ​​insurance has long since ceased to be considered an emerging industry. It has been around for over 30 years and is essential protection for 100% of small businesses.

Business owners curious about their IT vulnerabilities should take the following steps today:

1. Conduct a cyber risk assessment: Identify and assess the specific cyber threats your business faces. It is important to be informed about all aspects related to your industry. There is no one-size-fits-all approach. Understanding your business’s specific vulnerabilities should be your priority.
2. Consult a cyber insurance specialist: Partner with an insurance professional who understands the nuances of your niche and is committed to finding the best coverage for a premium you can afford. The cyber insurance specialist should be able to proactively offer recommendations tailored to your unique needs and tailor your policies accordingly. Just as fire insurance coverage is standard for brick-and-mortar businesses, coverage for your business’s specific cyber vulnerabilities should be standard.
3. Implement robust cybersecurity measures: Insurance is a safety net, but prevention is key. Invest in employee training to mitigate risk. Their awareness and vigilance against cyber threats is your first – and often best – defense against malicious actors.

The reality is that when a small business without adequate coverage experiences a cyber incident, there’s a good chance it will never recover. Sometimes, the main reason cyber coverage is denied is cost, especially for small businesses. However, when you consider the range of cyber incidents your business could face—and the havoc caused by the myriad business interruptions it could be exposed to—the need to establish and maintain adequate cyber protection becomes clear. The risk to your business’s longevity is too great to ignore.