Cyber Security for Small Businesses

Similar to a safety or loss control plan that you would use in case of a tornado or fire, you should have a plan to protect your business from cyber threats, because a cyber security loss can be just as damaging as a tornado or fire.

First, be sure you work with an expert you can trust—someone who not only understands your business and the cyber threats that it faces, but also how to protect it from damages and mitigate these threats. Know some basics about cyber security techniques. For example, keep your network segmented, so that if someone does hack your human resources files, they cannot also get to your customer information. Also, as I am sure you have heard, point of payment is important, both physically and electronically. While EMV is a more secure transaction, it is not the only thing retailers need to do to be secure. EMV is not a substitute for encryption and tokenization.

Developing technology has always and will always require additional security, part of that should be insuring your business for cyber security risks. Acuity has done research and provides cyber coverages that protect you against events such as:

• An unauthorized person gaining access to your computer systems
• Malware attacks
• Loss of devices, such as laptops, cell phones, or USB flash drives
• Identity theft suffered by key employees

While it may be tempting to ignore cyber security because it seems intangible, it should not be taken lightly. Becoming numb to the effort it takes to have a secure cyber presence can leave you susceptible to attacks and liabilities. If you think you are not at risk, do not forget about the human resources information you have, which includes people’s identities that could be sold by hackers, and your product and pricing information, which could be valuable to competitors, local or not. Those are just a couple examples. Be sure to consult with a cyber security professional and make sure your bases are covered.