4 Ways to Protect Your Business from Cyber Attacks

 In Cyber Crime Insurance

In the age of digitization, businesses in every industry need to establish a digital footprint, especially now. Many businesses have already moved their processes online as their workforce became remote. However, they remain unaware of the cybersecurity implications of creating a digital infrastructure for their business.

During the pandemic, there has been a 600% increase in ransomware attacks. Small and mid-sized businesses are especially vulnerable to cyberattacks as many lack the same level of cyber protection as larger businesses. The aftermath of a cyberattack can be both time-consuming and expensive, but there are some steps you can take to protect your business.

1. Pinpoint Your System’s Vulnerabilities

If you experience a breach in security, you’re in danger of funds transfer fraud, ransomware, stolen data, and ruined consumer trust. To combat this, you can conduct an audit of your current cybersecurity practices and protections either through your internal IT staff or an external consultant.

2. Create a Cybersecurity Plan Backup Plan

Once you’ve assessed where you stand in terms of cybersecurity protection, you can get started on fixing your weakest links. Some ways to strengthen your system’s security are by implementing multi-factor authentication, scanning for malicious software, encrypting your data, regularly updating your software, and maintaining secure data backups. You should also create a response strategy that you can implement in the worst-case scenario so you can minimize losses as much as possible.

Remember, a ransom only works if you don’t have everything backed up.

3. Train Your employees

Apart from the IT team, it’s also important to cultivate a culture of cyber crime awareness among your employees. Human error plays a significant role in cybersecurity threats. If employees aren’t well trained in cybersecurity awareness, they could become victims of a phishing attack. Educating employees about frequently used scams, company security requirements, social engineering attacks, and more can result in stronger cybersecurity for your business.

4. Protect Yourself with Cyber Crime Insurance

No business can ever be 100% secure from cyberattacks, no matter how good their defenses are. That’s why investing in cybercrime insurance is so important. Did you know that 2020 recorded the highest number of cyberattacks in history? Cybercrime is predicted to become more sophisticated as time passes, so it’s best to be proactive with your cybersecurity.

At Luray Insurance, we understand the challenges your business can face when combating cybercrime. Our Cyber Crime Insurance covers loss of money, data, the cost of notifying clients, and more. By insuring your business against cyberattacks, you can save yourself a lot of time, money, and stress in the future.

Cyberattacks can have serious consequences for your business—financially, legally, and in terms of your public reputation. At Luray Insurance we offer complete coverage for businesses facing cybercrime, ransomware attacks, and computer fraud so you can sleep better at night.

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