7 Tips to Help Reduce the Risk of a Data BreachPosted on Jan 23, 2020
One of the most terrifying things for all businesses today is the risk of a data breach. According to Forbes, small businesses account for 58 percent of cyber attacks, and the costs of recovering from a breach will put many small businesses out of business.
In fact, 60 percent of small businesses (those with fewer than 250 employees) who are forced to cease operations after a data breach never reopen their doors. That is why it is so important for you to understand these 7 things you can do to reduce your risks of a data breach.
- Create a network security policy for your business. This policy should detail the things you expect your employees do to protect company information. Make sure everyone knows what your policies are, how they protect your business and the consequences for failing to follow through. If everything is included in the written security policy, there is no room for misunderstanding.
- Require employees to change their network passwords frequently with strong passwords. Additionally, make sure employees aren’t writing them down and storing them in notes or on computer files. Help employees understand what is required for a strong password and have systems in place that require changes at least once per month for the sake of safety.
- Train employees on network security policies. It’s not enough to tell them they need to change the way they’ve been doing things. You need to make them understand how important it is to your continued operation as a business and their continued employer to make these changes. Remind them that their personal information is at risk, too, when someone breaches your security measures. Making it personal for them helps to improve compliance in many cases. You should include these rules in your employee handbook.
- Limit access to sensitive information. You can easily set up protocols within your organization that limits access to sensitive data only to employees who require that access. This can be a huge weight off your mind if someone does expose a vulnerability (or become a vulnerability).
- Engage in a two-part identity verification process. This can be something as simple as a text message or email verification when someone attempts to log in to your network. The minor inconvenience to employees of the two-part verification process is worth its weight in security gold and can help ward off a breach by hostile audiences.
- Avoid using default passwords for routers and networks. This can be one of the simplest fixes that are commonly avoided. It might appear easier to utilize default passwords that come up with your own (and make sure those who need access have it. However, you’ll be surprised by how few businesses understand the importance of this process. Failing to do this simple step can have a steep price. It can cost you your business.
- Establish policies and protocols about portable devices that have access to sensitive information. These devices, from mobile phones and flash drives to laptops, represent massive vulnerabilities that, if lost or stolen, can pose huge liabilities for your business. You need to have policies in place related to how they are used and what should happen, immediately upon one of these devices becoming lost or stolen.
Proactively working toward the prevention of data breach is always the best bet for businesses. In addition to taking vital steps to ensure data is secured for your business, it is even more essential today than ever before, to have the right insurance protection in place in case your data is ever compromised, which includes cyber liability insurance.
Connect With Otterstedt Insurance Agency to Handle Your Cyber Liability Insurance Needs
Otterstedt Insurance Agency has been serving the business insurance needs of New Jersey residents since 1919. As we begin the next century for our business, we invite you to contact us and learn more about the insurance options available to your small business.
Whether you’re in the market for cyber liability protection or you have something else in mind entirely, we can offer the right kind of coverage and insurance to help you meet those needs.