Why are Cybercrimes so frequently in the headlines? Simply because they are one of the fastest growing threats to businesses, their clients, and their employees. As cybercrimes increase in frequency, sophistication and variety it’s more important than ever for business owners to be educated and be aware of how to protect themselves, their business, their clients, and their employees.
What Type of Business Is at Risk?
If your business handles or stores any form of personally identifiable information for your clients or employees, you are at risk. Cybercrimes are NOT limited to larger companies. In fact, smaller to mid-sized companies are being targeted more frequently because they are often more vulnerable and easier to penetrate. Small companies are often also targeted as a gateway to a bigger company. Does anyone remember the 2013 Target hack which happened after hackers breached its HVAC vendor?
If your business handles or stores any form of personally identifiable information for your clients or employees, you are at risk. Cybercrimes are NOT limited to larger companies. In fact, smaller to mid-sized companies are being targeted more frequently because they are often more vulnerable and easier to penetrate. Small companies are often also targeted as a gateway to a bigger company. Does anyone remember the 2013 Target hack which happened after hackers breached its HVAC vendor?
Merchants, realtors, attorneys, and many other professional institutions that transact money are particularly vulnerable. It’s no longer a matter of if it will happen but when. The financial impacts can be significant, and the fall out can be far-reaching.
How Can Connecticut Business Owners Safeguard Their Business?
Business owners should give serious consideration to a mitigation, protection, and remediation plan if they haven’t already done so. Seek the guidance of a trustworthy, knowledgeable IT specialist and insurance professional. Your business needs to develop a plan that involves a security risk assessment, a mitigation plan including employee training, written security policies, and scheduled network vulnerability scans.
Even if your business has security measures in place to help prevent a cybercrime, risk mitigation through specialized insurance coverage is also a very smart investment. Cyber liability insurance should be a critical part of any business recovery plan. Business owners should consult with an insurance professional about the following things:
• The different options available for protection against cyber crimes.
• How cyber liability insurance can help.
• Cyber liability insurance policy vs. policy enhancements.
• What safeguards to take to prevent a breach.
• What to do if a breach occurs (breach response support and activities)
What’s the First Step?
If you haven’t acted to protect your business against cybercrimes, the first thing you should do as a business owner is move this task to the top of your to do list. Contact the necessary professionals and set up an appointment to discuss your concerns and get a plan in action. Cybersecurity Awareness Month is the perfect time to get started! You can also use our cyber exposures questionnaire to give you a head start on becoming familiar with your cyber exposures.
If you have any questions or need guidance to help you get started, please contact V.F. McNeil Insurance. Our insurance professionals are always ready to assist you and answer any of your inquiries. We can be reached at 203.481.2684.
V.F. McNeil Insurance is a Trusted Choice® independent insurance agency and a member of PIACT (Professional Insurance Agents of Connecticut) that provides its customers with a range of quality insurance products for the needs of families, individuals, and businesses in Connecticut.
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