National Security Awareness Month: Ways to Reduce Your Cyber Liability Risk

Learn how safety measures and the right small business insurance can reduce a business’s cyber liability risks.

The rise of the Internet is both a blessing and a curse for businesses.  On one hand, the Internet has revolutionized business as we know it.  However, the Internet is also host to a variety of dangers that could ruin a business enterprise.  For instance, a data breach could leave a company’s sensitive information vulnerable and place the entire business in jeopardy.  Protecting a business from online risks requires a combination of the right security measures and the right small business insurance.  Read on to learn how to minimize a business’s cyber liability risks.

Employee Training

One way for a business to minimize cyber liability risks is to provide online safety training for its employees.  A good training program will cover how to safely store login information and should also include the company’s protocols for changing password information.  A business should also address the proper safety measures required for employees who work off their personal devices.

Updated Equipment

While many businesses currently operate using a consumer-grade router, these routers are not meant to offer the security that a business requires.  For instance, if a hacker gains remote access to a consumer-grade router, all it takes is a few clicks to gain access to all the information that runs through the router.  To minimize this risk, businesses should upgrade to a commercial-grade router that has the necessary security features.  While expensive, these routers could mean the difference between a thriving company and a failed business.

Small Business Insurance

Unfortunately, a business cannot always prevent a cyber-attack.  That’s why it’s so important to have the right insurance in place.  Cyber liability insurance can provide the necessary coverage if a business experiences a data breach.  Generally speaking, a cyber liability insurance policy will cover the cost of notifying customers of a breach, the cost of credit monitoring, fines and penalties, and the losses resulting from identity theft.

This October, offer these strategies to help your clients reduce their cyber liability risks.  Additionally, if you would like to offer your clients the small business insurance they need to stay protected, contact the experts at PMC Insurance Services.  Our team can assist you with a wide variety of insurance options for your clients.