For many entrepreneurs, an online presence is an essential part of doing business. Especially in the past year, the ability to do business online has allowed many to maintain their livelihoods during a time of economic uncertainty. Although the internet has given business owners the ability to adapt and grow, a digital presence also leaves you vulnerable to cyber crime. Nearly 64% of small businesses have a website, and if you store customers’ or clients’ personal or financial information through your site, you’re a potential target for cyber attacks. With 76% of SMBs experiencing a cyber attack in the past 12 months, it’s important that you’re prepared to defend your business from criminals on the web. Keep reading to learn more about how cyber insurance and a cyber incident response plan can help you protect your business online. 1. Obtain Cyber Insurance Cyber insurance is a specific line of coverage that protects your business from any liability that might result from a cyber attack. Attacks like data breaches or malware can wreak havoc not only on a small business’s reputation, but on their finances too, costing SMBs an average of $101,000. The cost of cyber insurance varies based on certain aspects of your business, like how much sensitive data you deal with and your level of cybersecurity. On average, coverage costs about $1500 a year and is a worthwhile investment when compared to what you stand to lose with even one cyber attack. By investing in cyber insurance, you’ll be covered for any costs associated with repairing the damage of a cyber attack, any legal fees that may arise because of civil suits, and even PR services to remedy any hits to your business reputation and build back customer trust. Additionally, it can provide you with peace of mind to know that if you ever do experience a cyber incident, you’ll have financial support for what comes next. 2. Have a Cyber Incident Response Plan Another important way to protect your business online is by preparing a cyber incident response plan, so that your team knows what to do in the face of a cyber attack. A cyber incident response plan outlines protocols and procedures for your staff to follow in order to identify, contain, and eliminate a cyber threat. Additionally, it also offers guidance on how to repair damage and restore your business to normal operations. The six main components of these plans are as follows: - Preparation - Identification - Containment - Threat eradication - Restoration - Learnings Once you have a plan with all of these components in place, work on strengthening it by upping your team’s cybersecurity awareness. This can be done by running through cyber threat exercises or providing training on good cyber hygiene. With practice and adequate training, you’ll be able to minimize the damage a cyber attack can do on your business if one ever comes your way. Cyber attacks on small businesses are on the rise. Make sure your business is protected by investing in cyber insurance and having a cyber incident response plan ready to go. For more information on what cyber insurance covers and the steps to create an incident response plan, check out the infographic from The Zebra below.
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Courtesy of NASE.org https://www.nase.org/about-us/media-relations/nase-in-the-news/2021/10/18/2-ways-to-protect-your-business-online