That could never happen to me

It’s a common utterance. It could be used to explain a lack of luck (“Winning the Lotto? That could never happen to me!”), or an abundance of luck (“Get pulled over for speeding? That could never happen to me!”). Regardless of how you use the phrase, it’s dangerous. To assume something won’t happen because it hasn’t happened before, leaves you unprepared for that event.

When it comes to the likelihood of a cyberattack, many small-business owners have been saying “That could never happen to me. Hackers only target big companies with deep pockets.” While that may have been true in the past, it is no longer the case. According to the cyber security firm Accenture, 43% of small businesses were subject to a cyberattack in 2019. The figure is undoubtedly higher today. Why are small businesses a target? The survey answers that question too: Only 14% of small businesses were prepared to defend themselves from a cyberattack. In other words, small businesses are an easy target for hackers. Sure, the payday may be less, but it’s a lot less work.

This changing landscape has made it critical that small-business owners take the steps necessary to protect their businesses from hackers. The first step for business owners is to perform a risk assessment of their information system and current security protections. A risk assessment helps a small-business owner to determine where the important information is stored and where there might be weaknesses in the security system. Knowing what you need to protect, and how well it is currently protected, is critical to building a robust cyber security system.

Small-business owners need to educate their employees. Employee negligence is the biggest cyber risk for small businesses. It only takes one opened phishing email for cyber protections to crumble. Educating employees on the how to spot common scams (e.g., phishing and spearing emails), is critical to maintain a secure information system.

However, no matter how well protected a business is, an attack can happen. To minimize the impact of a cyberattack, all small-business owners should consider purchasing a cyber insurance policy. Not only do cyber security policies provide coverage for ransomware acts, but they often provide access to professionals who are experienced in handling hackers.

For more information on cyber security insurance, reach out to us today!