Cybersecurity probably isn’t why you started your business.
But chances are, you use email. You probably have a computer or two. Maybe you process electronic payments, keep customer information, use online banking or rely on software to run the operation.
In other words, you’re connected.
And where there’s technology, there’s risk.
October is Cybersecurity Awareness Month, so let’s make cyber insurance a little less mysterious.
First things first: what is cyber insurance?
Cyber insurance is intended to help businesses with certain costs and liabilities associated with covered cyber incidents.
Depending on the policy and situation, that may include expenses related to investigating what happened, restoring systems or data, notifying affected individuals and responding to certain liability claims.
Not terribly exciting, we know. But if something goes wrong, understanding that coverage can suddenly become pretty important.
“I’m a small business. Who’s coming after me?”
We hear you.
Unfortunately, being small doesn’t mean you’re invisible online. CISA specifically advises that no business is too small to be a potential target.
Instead of worrying about who’s looking for you, ask something more useful:
What happens if I can’t get into the systems I use to run my business?
That’s the risk worth understanding.
A few things every business can do
Cybersecurity doesn’t require turning yourself into an IT expert.
CISA recommends four fundamentals: watch for phishing, use strong passwords, require multifactor authentication and install software updates.
Start there.
Then talk to your IT people about other precautions appropriate for your business.
And talk to your insurance people
Your technology provider helps with your technology. Your insurance agent helps you understand the financial risks around it.
Different job. Same goal: keeping your business moving.
At A.W. Frost, we’re happy to sit down, look at your current insurance and explain where cyber coverage may or may not fit.
