It's not easy to run a small business. There are all sorts of challenges that business leaders face. As a business owner, you must adhere to constantly changing regulations or find the right employee to fill a crucial role. With so much on your plate, the last thing you want is to deal with is an unexpected expense.
Unfortunately, one of the biggest expenses for SMBs is tied to cybercrime. Data breaches and cyberattacks can cost SMBs thousands of dollars and could even bankrupt your company if severe enough. That's why business leaders must invest in cyber protection insurance.
Of course, insurance will only reimburse you after an incident has taken place. It is a vital safety net. But it's even better to avoid an attack in the first place. Below are a handful of suggestions on ways to prepare your company for a cyberattack.
Adopt Basic Security Measures
If you want to thwart the bad guys, you'll need to start with the basics. Start by implementing a corporate firewall to protect your network from outsiders. If you employ a remote workforce, you should adopt a virtual private network (VPN) for the same effect.
Once you have established the digital wall around your organization, you'll need to fit it with various security checks. Install antivirus and anti-malware programs to stymie bad programs from infecting your devices. Spam filters, similarly, catch malicious emails before they reach your staff.
Finally, you'll want to invest in an encrypted cloud to protect your data from being accessed by unauthorized users.
Train Your Staff
While high-tech solutions are essential for small business cybersecurity, they aren't a panacea. You also need to consider how employees might react to an online scam. Phishing emails, for instance, fool a user into sharing their sign-in credentials with a phony web page. Once the hacker has this information, they can hack your other accounts. Social engineering similarly coaxes workers into sharing sensitive information with cyber con artists.
If you want to stand any chance against these attacks, you'll need to train your staff to spot the warning signs. For example, many phishing emails are sent from bogus web accounts. Double check the sender for any red flags such as "email@example.com.
Develop a Contingency Plan
While we hope your SMB is never hit by a cyberattack, it's wise to plan for the eventuality anyhow. Take a moment to think through your incident response plan:
A cybersecurity incident can easily spiral into chaos if you aren't prepared.
Invest in Cyber Insurance
Even if you are victimized by a hacker or data breach, your cybersecurity provider can walk you through the process. They will also help you overcome the financial burden. Don't let a cyberattack kill your small business and your dreams. Find the policy that works for you.