Cyber Risk was named of the Top 10 global business risks in 2014, and it isn’t hard to see why. According to theIdentity Theft Resource Center’sbreach database, there have been 606 data breaches exposing over 77 million records so far this year. Since most data breaches go unreported, the actual number is likely much higher.
Here are some of the ways you can protect your business from data breaches and other forms of cybercrime:
Protect Yourself with Strong Passwords
A strong password can be your first line of defense against a cyber attack. Despite reports on the importance of strong passwords, the most commonly used passwords remain astonishingly predictable: “password” and “123456” Cybersecurity experts recommend creating a password that is at least eight characters, and includes a combination of numbers, letters, and symbols. In addition, your password should not include information that can be directly tied to you—avoid using personal information like names and birthdates. Instead, experts suggest using the first letter of each word in a phrase or sentence. For example, instead of “Ellie6825”, you can say “Ellie was born at 6pm on August 25th”. Your password then becomes Ewb@6po825. By using a sentence this way, you also ensure that your password is easy to recall.
Back up Your Data
What do you risk losing in a cyber attack? Data can be just as valuable to a business (if not moreso) than money, and is even more difficult to recover once it has been lost or compromised. Make sure that you don’t lose access to your data by using a backup service such as DropBox, Backlaze, or Carbonite. Remember to use multiple backup systems—you don’t want to be stuck if a service fails or is somehow jeopardized.
Educate Your Employees
Employee negligence is the #1 cause of data breaches. Safeguard yourself and your business against cyber crime by properly educating your employees. Train employees to identify potential threats, then create a cyber security plan and make sure all employees participate.
Since software updates often include security advances, it is especially important that you keep all security software, operating systems, and applications up-to-date. Also be sure to run security checks regularly to identify and address any potential system vulnerabilities.
Purchase Cyber Liability Insurance
Even with the best precautions, cyber crime may still strike. A cyber liability insurance policy can help to protect your business from financial loss due to a cyber security breach. Contact The Reis Group to learn more about how cyber liability coverage can protect your business today.