As businesses become more dependent upon technology, the risk for cyberattacks increase. Not only are cyberattacks costly, they’ve been shown to reduce customers’ trust in the business, potentially costing lost revenue. According to a report by Juniper Research, the worldwide cost of business data breaches could be as high as $5 trillion by 2024! So how do you reduce your cyber risk? Here are a few cost effective methods.
New York State Business Security Laws
Protecting yourself from a cyber attack is not only good business, it’s now the law. New York State’s recently enacted SHIELD Act requires New York State businesses have plans in place to protect personal information stored electronically. In the event of a breach, the act also outlines requirements for notifying governmental bodies and affected individuals.
Reduce Your Risk of A Cyber Attack
So, how can you reduce your cyber risk? Here are a few examples.
- Understand Your Cyber Risks – Cyber attacks come in many forms such as hacking, phishing, malware, and more. Understanding how bad actors can gain access to your information can help you prevent a breach.
- Train Employees – Once you understand your risks, train your employees so they are aware of how their actions may affect the entire network. In addition, create a strong password policy and ensure your employees follow it.
- Update Software – Hackers frequently find new holes in software that they can use to penetrate a system. As vulnerabilities are identified, developers patch the holes and a new version of the software is released. Keeping all of your software up to date helps keep your system safe.
- Create Back-Up Files and Store Off-Site – In a ransomware attack a hacker will encrypt all of your files, making them essentially useless to you. With a good back up system located in a separate network or in the cloud can help you recover from a ransomware attack quickly.
- Proper Firewall and Antivirus Technology – Ensure you have anti-virus software and firewalls installed. In addition, make sure the security settings on your software, browser, and email programs are robust.
- Data Breach Plan – Have a plan in place in the event of a data breach. Remember, if you have any customers or employees in New York State you’re required to have a plan in place in the event of a data breach.
- Cyber Security Insurance – Protect your business with cyber security insurance. This coverage provides protection for the costs associated with data breaches and ransomware.
Cyber insurance is one of the types of business insurance the Jankowski Agency provides in the Fulton Montgomery area and throughout New York State. If you’re in the market for a cyber insurance policy, or looking to renew an existing policy, Jankowski Agency Inc. can work with you to identify an appropriate plan for your business. Give us a call at 518-883-3415, text us at 518-888-3054 or send us a message online at business insurance contact to discuss your options.
