Cyber Security Insurance for Small and Midsize Businesses

Cyber Security Insurance for Small and Midsize Businesses

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For many businesses the internet has opened a door to unprecedented connections with customers, productivity and visibility. Yet, along with all of the many benefits of the internet there is a real and growing concern of cyber attacks that can cause harm to a business’s revenue, reputation and customers.

You may think that small and midsized businesses would not be targeted by cyber criminals but according to Symantec’s 2015 Internet Security Threat Report, 60% of all cyber attacks were on small and midsized businesses and that trend is expected to continue. There are steps that even with a limited budget can help small and midsized businesses improve security and mitigate potential financial loss.

  • Get Everyone Involved – It’s important for Businesses Owners, Managers and employees to understand the importance of information security. Make a written information security plan on use of company email, social media and the internet in general. This is important because many state regulators require a written information security plan when investigating a security breech.
  • Security Safeguards – To help keep sensitive data from unauthorized access you may want to consider encryption for laptops, desktops and mobile devices. Encryption helps to protect information if a device is lost or stolen as only someone with the key can decode it.
  • Cloud Service and VPN – It may not be practical to maintain an in-house security program and for many small and midsized businesses a cloud based service provider, provide the expertise in information security while keeping operating costs low. If you have remote employees a VPN provides a secure channel from the remote location to your businesses internal network.

As much as you can prepare for a security breech it is still important to have the proper Cyber Security Insurance policy in effect, working with the right insurance agent will limit the damage and reduce recovery time and costs.

 

For more information or answers to your insurance questions, contact us at Allan Block Insurance Agency, www.ambins.com, located in Tarrytown, NY in the heart of Westchester County, a key business district near New York City.  We write auto, home, renters, condo, co-op, personal, business, life and group insurance for clients locally and in NYC, CT, NJ, PA, MA and many other states. The Professional Agency with the Personal Touch.