Cyber crime is a serious threat to all modern businesses. In fact, 62% of all cyber attacks target small to mid-sized business and unfortunately, many business owners do not understand computer crime well enough to make informed business decisions that protect the business from the potentially catastrophic losses associated with a data breach.
Business insurance protects your business from unexpected events all the time and protecting your business from computer crime is more important than ever.
What’s at stake? In a word: everything. Sensitive business data, customer information, profit, and company reputation are all vulnerable to the very real threat that is cybercrime. Consider the following three steps when assessing how vulnerable your business is to the potential losses associated with even a single cyber crime event.
- Knowing Your Business Data. The first step is to create an inventory of all data used by your business (both digital and physical). Also make note of where this data is stored. Some of the data you should consider when creating this inventory includes:
a. All customer records including credit card numbers, social security numbers, account numbers, passwords, and sensitive health information
b. Financial information for the business
c. Authentication credentials
d. Trade secrets
e. Employee records
- Evaluating Cyber Exposure. The next step is to carefully assess the information gathered in step one and understand what data is the most critical to your business. Look at each type of data and determine the ramifications of a breach. Some data requires more protection than others and since it is impossible to protect all data equally, priority should be given to data with the most significant impact to the business.
- Covering Data Assets. With the risk management assessment complete, you should have a better understanding of the types of data your business collects and stores as well as what data is the most critical to daily business operations. Now it’s time to protect that data with a cyber crime insurance policy. We offer a variety of cyber security insurance solutions to meet the needs of businesses large and small.