How to Stay Up to Date on Cyber Risks to Your Business

No matter what size of a business you have, a growing area of concern for all companies is in the area of cyber security. There are many types of threats that can happen to you as a business owner, both from third parties and from your own staff. Yet, the cost of a loss of critical or sensitive information can leave your company facing millions of dollars’ worth of loss. What can you do?

First Invest in Business Insurance

Your typical business insurance plan does not provide enough protection from typical threats related to cyber theft or security matters. However, it is possible to purchase cyber liability insurance. This type of insurance can help your business to have the financial means not only to handle the outcome of such risks but also to help in the cleanup efforts. For example, if someone taps into your business’s sensitive credit card information from your customers, not only do you have to defend against any claims made against your company, but you’ll have reputation fallout to manage as well as providing your customers with credit monitoring services to safeguard their information.

Protecting from Risk

Even with a fantastic business insurance plan, though, cyber security threats are costly. For this reason, it is nearly always a good idea to stay up to date on what is happening in the industry. There are several steps to take.

• Educate yourself and your key managers about the risks. This includes risks related to distributed denial of service, inside attacks, malware, password attacks and phishing. Keep your team up to date with seminars and training.
• Invest in a comprehensive security system. This should include antivirus software, but also firewalls, data backups, encryption tools and two-step authentication and password security tools.
• Remain vigilant about what’s happening in the world around you. This means monitoring the news, taking action to upgrade your systems and having an on-call professional who can alert you to new risks. Your security software provider or other system management team can help you with that.

Every type of business is at risk no matter if you are in the cloud or not. With the right cyber liability insurance alongside the right type of business insurance for other risks, you can minimize much of the worry that this type of new threat creates.

Protect your digital assets today. Call 1st American Insurance Agency at 773-467-2200 for more information on Chicago cyber liability insurance.