Cyber Insurance Blog

Cyber Risk Updates for Small Businesses

Cyber Risk Updates for Small Businesses

As cyber threats continue to evolve, your clients need more than just antivirus software to protect their small businesses. 2019 is on track to have the most data breaches of all time. It’s imperative to face the reality of the potential of a breach. It’s not a matter of if, but when. While we often hear of data breaches hitting massive corporations, it’s the attacks on small businesses that can be devastating to an organization. Small business cyber security can be volatile, as threats are constantly changing, and has now become an absolute necessity for any business owner.

Have you thought about how to protect your small business clients against a cyber attack? While cyber security can be extremely complex and sometimes confusing, it’s important that your clients have the right policy in place to protect their businesses.

At ProWriters, we aim to take the complex and make it simple so you can select the best policy for your clients’ organization with all of the top vendors available in the industry.

As hackers and security threats have become more advanced, the potential damage that a cyber attack can cause has grown. As nearly all businesses are now run through internet networks, sensitive data, such as credit cards, social security numbers, and business data are all available to anyone who can gain access. Small business cyber security is now crucial to keep your clients’ organizations up and running.

Let’s talk about what you can do for small business-owning clients to protect them from security breaches.

 

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How to Protect Your Small Business Clients Against a Cyber Attack

  1. Vet All Third-Party Vendors
    Your clients’ data security is only as good as their third-party vendor’s data security. When your clients do business with another organization, they’re potentially putting their own small business at risk. If their third-party vendor were to be hacked, any private information they may have on record about your clients’ business or their customers can also be at risk. It’s important that your clients discuss their cyber security practices with any third-party vendors prior to doing business with them.
  2. Use Strong Passwords
    Hackers can use technology to guess thousands of passwords in a matter of seconds. It’s important that your clients are consistently updating their passwords and use only complex passwords that include a combination of letters (both lower and uppercase), digits, and symbols. Using a password manager is the best way for your clients create strong passwords. Unsure of which password manager to use? ConsumersAdvocate.org did the research for you.
  3. A young man in a suit sits at a table and types on his laptop while a blue graphic of a lock symbolizes cyber security. Identify and Stop the Breach
    This may appear obvious, but locating the source of a breach can be complex and it often takes the expertise of an IT forensics team to get it done. Without a specialist, it can be difficult to confirm what data was breached and how it was breached. This can be a costly endeavor without the proper policy and the best coverage.
  4. Perfect Your Clients’ Data Breach Response Plan
    When a breach occurs, your clients’ strongest chance of mitigating the damages is through a data breach response plan. This prepares them on how they will respond, what role everyone will be taking in the response, and allows them to get started immediately, should a breach occur. The faster your clients respond to a breach, the less damage there will be. Having a clear plan with a breach coach to help them take all necessary and regulation-compliant steps will lead your clients on the road to recovery.
  5. Choose the Right Insurance Company
    Enlisting the best possible insurance company will allow your clients the flexibility needed to tailor their policy to their organization’s specific risks. In addition, they’ll have access to all of the industry’s best vendors in the event that a breach occurs to guide them through the process. With ProWriters, you’ll have access to our Cyber IQ Comparative Rate Platform, which allows you to instantly compare multiple quotes from multiple carriers so you can enlist the policy that works best for your clients.

Want to spend less time trying to understand cyber insurance? With nearly 20 years of insurance experience, ProWriters offers the most streamlined approach to cyber insurance. We constantly evaluate our processes to save you time and money by eliminating any unnecessary steps so the experience is quick and simple.

To speak with a ProWriters expert, contact us or call us at (484) 321-2335 to learn more.

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