Online dating website Ashley Madison has hit headlines recently as it became the latest victim of cyber crime. The culprits obtained personal records that were saved on the website’s systems and released them online, causing significant trauma for the business and its clients who used the site to facilitate extra marital affairs.
Unfortunately this is not an out of the ordinary case, with the number of cyber attacks growing steadily year on year. Large multinational corporations such as eBay, Target and Sony have also been hacked in the last 12 months. While this has raised awareness cybercrime industry wide, smaller businesses remain unprepared for such an occurrence as they assume they will not be targeted. In reality, this couldn’t be further from the truth, as SMEs are actually more at risk than their larger counterparts, and unlike bigger companies, may not survive a breach.
In the digital age where cyber security is a rising concern, it’s important to know how to protect your business. Here are some tips from the Cyber Insurance experts at PSC Insurance brokers:
Educate Your Employees
Communication is key. Make your employees fully aware of the risk of cyber crime and the affect that it could have on your business. Ensure they know their responsibilities when it comes to protecting company data and set out business standards for digital and online security. It may help to write these rules up as part of an employee handbook, including best practice for web browsing and using the company email.
Protect your Wi-Fi
Wi-fi networks are commonly used as a way for cyber criminals to access your networks. In order to protect your wireless network, make sure it doesn’t broadcast a network name and is therefore invisible to outsiders. Furthermore, ensure that your wireless network is encrypted to reduce the likelihood of a breech
Regularly Update Passwords
All business passwords should be as difficult to decipher as possible. Avoid terms like ‘password’ and avoid using your business name or the name of the founder or CEO; instead, use a minimum of 8 characters made up of a range of letters, numbers and symbols. Where possible, try to update all of business passwords every few months to reduce the likelihood of a breach.
Implement a Firewall
A firewall is a necessity for any business operating in any way online, as it prevents unauthorised access to the network by controlling the data coming in and out of your computer systems from external sources. While many business operating systems come with a firewall built in, ensure your business has the protection it requires by investing in a reputable, dedicated firewall.
Install Antivirus Software
Antivirus software protects business computers against malicious software. It should be installed on every business computer and device, to protect them from malware that can damage systems, expose computer and data, and interrupt business activity. A range of antivirus software is available at a variety of price points, so look around to find one that will cover your business’ needs.
Take out Cyber Insurance
Cyber Insurance is a preventative practice that is essential for most SMEs operating in today’s digital environment. Security is paramount to the ongoing success of your business and implementing a risk reduction strategy that includes a Cyber Insurance policy will not only protect you and your business, but also your employees from the potentially crippling consequences of a cyber attack.
Cyber Insurance packages are widely available and can cover the key issues in relation to cyber security. PSC Insurance Brokers has access to a wide range of policies and can match the most appropriate cover to suit your business’s unique requirements.
The list of tips above is not exhaustive and we recommend that you obtain further advice from a qualified IT provider to fully protect your business.
Conditions apply for each policy and the information expected from you for a policy to trigger. Coverage may differ based on specific clauses in individual policies. Please ask your broker to explain the additional benefits and exclusions pertaining to your policy.
The information provided is general advice only and does not take account of your personal circumstances or needs. Please refer to our financial services guide which contains details of our services and how we are remunerated.
