Cyber Security and Your Business — What You Need to Know

As a business owner, we know know that you have a lot on your plate. Not only are you responsible for maintaining and growing your business, you also have clients, employees, and suppliers to worry about. Keeping everyone safe is always a priority, but are you doing enough to protect yourself from cyber attacks?

Did you know that around 40% of cyber attacks target small businesses, and of those impacted, 60% end up going out of business within six months of an attack? Unfortunately, it’s no longer a question of if you’ll be targeted, but more of a question of when and how.

So what can your business do to protect itself from cyber attacks? Here are a few tips to help you get started:

  • Install security software on all of your computers. Set regular, automatic antivirus scans and make sure to always install updates as they become available.
  • Always use secure passwords and multi-factor authentication when possible.
  • Secure your wi-fi networks. Consider encrypting or hiding them so that your network name is not broadcasted.
  • If you accept online payments, talk to your provider to make sure they are using the most up-to-date and trusted validation and anti-fraud services. You should also have separate computers for processing payments.
  • Create a cyber security protocol and make sure all of your employees understand and follow appropriate online procedures.

When it comes to insuring yourself against cyber attacks, Quincy Mutual Group is here to help with cyber liability insurance. This coverage can be added to a new or existing policy. Cyber Liability coverage provides comprehensive data security and privacy insurance solutions that address both first party insured events and third party claims. Third party coverages include:

  • Multimedia Liability for things like copyright or trademark infringement, libel, slander, or plagiarism.
  • Security and Privacy Liability offers coverage for third party damage against virus attacks, denial of service attacks, or malicious codes from your own computer system.
  • Privacy Regulatory Defense and Penalties provides coverages for investigations brought against your company by the federal, state or local government agencies.
  • PCI DSS Assessment Coverage protects against suits by banks or credit card companies due to non-compliance with Payment Card Industry Data Security Standard or payment card company rules.

A Cyber Liability Insurance policy also provides several first party coverages, including:

  • Privacy Breach Response Costs
  • Notification Expenses
  • Customer Support and Credit Monitoring Expense Coverage
  • Network Asset Protection
  • Cyber Extortion
  • Cyber Terrorism
  • BrandGuard
  • Business Owner ID Theft Recovery

In today’s highly connected world, cyber security should be a priority for any business owner. Contact one of our more than 500 independent insurance agents to learn how you can achieve peace of mind through a cyber liability insurance policy with Quincy Mutual Group:

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