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Small Business And Cyber Risk

If your business stores or controls any kind of personal customer information, you have a cyber liability risk. Even if you don’t store customer information electronically, you still have a risk of identity theft. The insurance industry has a key role to play in helping U.S. companies strengthen cybersecurity, a senior Treasury Department official said Thursday. More than 40 percent of small businesses don’t have an adequate IT security budget, according to a November 2014 survey by the Ponemon Institute.  According to a 2014 study by the National Cyber Security Alliance, 60% of small businesses close their doors within six months of a data breach. A data or cyber breach can cost not only business money but also its reputation.

Top Breaches For Small Businesses

  1. Third-Party Breeches.
  2. Employee misuse of information.
  3. Socially engineered trojans- An end-user browses to a usually trusted website, which prompts him or her to run a trojan. Most of the time the website is a legitimate, innocent victim, whose website has been temporarily compromised by hackers.

Cyber Liability Prevention Tips

  • Outsource credit card handling with a reputable vendor.
  • Use more complex passwords with a combination of letters, numbers, and symbols.  Here is an example (MP#09xT28S%).
  • Don’t save passwords on your computer.
  • Question your internet security at every level, including email. It may be time to encrypt all emails.
  • Use the latest security software.
  • Do not allow laptops to leave the office without proper security.
  • Train your employees on cyber security.
  • Do not use an open network.

Cyber Insurance

We can provide your firm with the right combination of pricing and coverage. Cyber risk insurance is available at very reasonable premiums. Many of our companies offer coverage to help protect your business from loss.

No matter what business you are in, each workday is dedicated to doing your job well and providing your customers with the best service possible. Dahlmeier Insurance Agency, Inc. would like to return the favor by giving you the coverage you need to ensure the security of your business.

At Dahlmeier Insurance Agency, Inc., we’re committed to keeping your business protected – so you can focus on your day-to-day operations. And with the right insurance plan, your business will be covered from top to bottom.

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