It is rare for businesses in today to not use data networks in some form. They might store client information, financial records or process company plans. The integrity of these networks is imperative to the smooth function of any business.
But, there are always threats that could impact the security of your data networks. These may originate from workplace hazards or cyber-attacks. Should cyber damage occur, this could impact a business’ ability to operate. Therefore, businesses should do everything they can to prevent cyber liability risks.
Why is Cyber Security Important?
Once you store data on a computer, you want it to remain secure. However, computer networks are never completely secure. Businesses should therefore recognize what assets they stand to lose in a data loss.
If data gets lost or stolen, you might put your business assets at risk. Data losses may also expose or lose private client information. For example, a doctor’s office may store social security, insurance and personal records of patients. If this information falls into the wrong hands, it may result in identity theft or other serious consequences for both clients and the business.
Common Cyber Risks
Cyber thieves are always inventing new ways to get around strong security systems. This puts data networks in a constant state of risk. It is imperative for business owners to take steps to protect their cyber networks at all times. Cyber thieves may operate through:
- Spam attacks
And other methods where they take over a business’ computer network. A secure data system can help businesses reduce the chances that they will experience cyber theft.
Additionally, data threats may arise not just from cyber-attacks. They also might come from common workplace hazards. Perhaps a fire, flood or theft damages the computer systems. This could impact a business’ profitability. Computer systems are often expensive and complex. Replacing them and the data they contain may result in lost time and money.
Preventing Cyber Risks
Businesses must understand how important it is that they reduce the risks to their data networks. However, they may not be certain how to tackle this job. Cyber-security often involves multiple safety steps. Following these tips may help you better protect your data:
- Keep a detailed record of the information you store on your data networks. Also remember where within the network you store the pieces of information. A business might create a network map to help remember where they have the information. Should a data breach or loss occur, knowing the affected data may help a business owner take quick action.
- Once you know the data you have, look at the types of hardware, software and connections you use on your systems. You can often deduce what types of protection services you need on your system.
- Consider hiring an individual with a background in IT maintenance. This person may be able to help the business better mitigate its software risks. If you can’t afford to hire a dedicated IT professional, it may be a good idea to outsource this task. Multiple reputable IT management companies exist.
- Invest in appropriate cyber-security programs. You might need firewalls, anti-virus software, password verification, site blockers and other security features. Your IT manager can often help you determine what systems you need to protect.
- Regularly perform maintenance on your data networks. This may include running virus scans, renewing firewalls and performing data backups. Data backups are extremely important as they may help you store the same data in multiple places. If one set of data becomes lost or compromised, you can often have access to clean data in another space.
For added safety, keep your data hardware stored in secure, safe places. Have anti-theft practices in place to prevent someone from stealing this hardware. Additionally, train your employees in proper IT safety practice. Require them to use passwords, and caution them on visiting risky sites or clicking on suspicious links.
Get Cyber Liability Insurance
If data losses occur, a business has to take immediate steps to try to recover data or mitigate theft risks. This often takes time, and it will cost the business money. The faster you react, the lesser chance you have of sustaining extensive losses.
To help mitigate the potential losses associated with data risks, consider investing in cyber liability insurance. In instances of data loss, this coverage can often cover costs associated with the losses. Different policies might cover:
- Legal fees that arise from suits related to customer privacy breaches.
- Notification fees, to help you inform customers about a data breach.
- Credit and identity monitoring services for both the business and affected customers.
- Repair, replacement and security of new data systems.
To get the right liability policy, talk to your business insurance agent. This agent can likely help you determine the coverage and limits you need.
Ready for Tampa cyber liability insurance? Call Bouchard Insurance at 800.966.6481 today! We can help you get a fast, free quote on an affordable policy.