Protect Your Business With Cyber Liability

Surveys conducted by Symantec suggest that many small business owners are still operating under a false sense of Cyber Security.

Don't Equate Small with Safe

The majority of Canadian small businesses lack a formal Internet security policy for employees, and only about half have cyber security measures in place. This disconnect is largely due to the widespread — albeit mistaken — belief that small businesses are unlikely targets for cyber attacks. In reality, data thieves are simply looking for the path of least resistance. They know that most "big" companies have measures in place that will make it harder and more time consuming for them to gain access, but it is almost guaranteed that the small local book store, bakery or florist may not. Most companies keep records, lists of suppliers, customer's addresses, credit cards and phone numbers on their computers — this is easy prey.

10 Ways To Prevent Cyber Attacks

There are simple, economical steps you can take to reduce your risk of falling victim to a costly cyber attack:

  1. Train employees in cyber security principles.
  2. Install, use and regularly update antivirus and antispyware software on every computer used in your business.
  3. Use a firewall for your Internet connection.
  4. Download and install software updates for your operating systems and applications as they become available.
  5. Make backup copies of important business data and information.
  6. Control physical access to your computers and network components.
  7. Secure your Wi-Fi networks. If you have a Wi-Fi network for your workplace make sure it is secure and hidden.
  8. Require individual user accounts for each employee.
  9. Limit employee access to data and information, and limit authority to install software.
  10. Regularly change passwords.

Attacks Could Destroy Your Business

Large companies are devoting more resources towards data security, making small businesses increasingly attractive targets.

The results can be devastating for small business owners. According to Symantec, the average cost of a cyber attack on a small or medium-sized business is nearly $200,000. As a result, nearly 60 percent of the small businesses victimized by a cyber attack permanently close their doors within six months. Many of these businesses put off making necessary improvements to their cyber security protocols until it was too late because they feared the costs would be prohibitive.

Your Emerging Technology Partner

A data breach could cripple your small business, costing you thousands or millions of dollars in lost sales and/or damages. Contact Heritage Insurance to discuss coverage options designed to protect your company against losses from cyber attacks.

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