Why Cyber Security and Insurance Should Be A Priority For Small Businesses

Small businesses have a number of threats to consider on a day-to-day basis, but cyber threats are perhaps one of the most commonly forgotten concerns – that is, until something happens. All businesses should consider cyber security as one of their main concerns, but this is especially true for small businesses. Cyberattacks or data breaches can be devastating and costly for global businesses, so think of the impact that they could have on a small business.

Cybercriminals often focus attention on smaller businesses as their digital security measures are often nowhere near the level that larger businesses can afford, that’s if they have any in place in the first place. Let’s take a look at some of the reasons why cyber security and insurance should be a priority for small businesses and what you can do to make sure your business is protected.

Cyberattacks Are Becoming More Common

A lot of businesses believe that they are simply too small to be affected or targeted by cybercriminals. But, the reality is that any business, no matter the size, can be targeted by cybercriminals. Spending large sums of money on cyber security services might not be possible for all businesses, but if you have some budget to enhance your cyber security measures, then this will be money well spent, especially if it does protect your business from cyber attacks and data breaches.

Alongside this, you should consider seeking out a good cyber insurance policy, choosing one which will not be affected or compromised if running alongside external cyber security services. Having both of these services in situ gives your business the best chance of mitigating any cyber attacks. In these times, doing nothing in terms of cyber defence is simply not an option.

Human Error Is The Most Common Cause of Cyber Attacks

One of the biggest contributors to cyber attacks is human error. Around 90% of all cyberattacks are made possible, to some extent, by human error, which means an unintentional action – or a lack of action – by people within your business that then causes, allows or spreads a cyber breach. As a small business, your team is likely compact, so running through some basic cyber security tips will take no time at all and will ensure that your business is protected against some of the most common human-related errors.

Use Secure Passwords

Ensure that you are using secure passwords within your business networks and avoid sharing login details and information with numerous people. It’s more secure to set everyone up with their own passwords so that you can minimise the chances of just one password being compromised.

Carry Out Regular Device Backups

Assuming that everyone within your business has their own devices to use, whether this is phones or laptops, be sure that these are being regularly updated so that they are more protected against data breaches. In the event of a cyberattack, by making sure that regular backups were in place, it’s much easier to recover information or files.

Conclusion

On average, a cyberattack can cost a small business around £11,000 in damages, so ensuring that you have adequate business cyber security in place can save you huge amounts of money, plus give you peace of mind. Taking steps today to improve your cybersecurity is highly recommended and choosing the right cyber security services and cyber insurance to provide front-line protection can make a huge difference to the way your business reacts in the face of a cyberattack.

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