October Is National Cyber Security Awareness Month! | Bogle Agency Insurance

Cyber Security is much more than just an industry buzz-word these days. With the exponential growth of technology, our lives have become intertwined with the internet. Those who once fought the use of the internet are now sharing pictures of their vacations on social media. Getting a mortgage is no longer sitting in a bank for hours upon hours but rather sitting on your bed with your laptop. Even visits to your bank’s branch have decreased in favor of online banking. What was once a vague and anonymous land, the internet has become the backbone of our society and our economy. With that comes security threats.

Cyber Security does not just refer to keeping your bank passwords complicated. Although that helps, scammers have found other ways to get access to your accounts for malicious reasons. These scammers aren’t just looking for individuals to steal from either. Two-thirds of all attacks are aimed towards small-to-medium sized businesses.

Small businesses Are A Target For Cyber Attacks

Small businesses are a target for cyber criminals simply because of their vulnerability. While large corporations are spending hundreds of thousands a year protecting their data, whether stored offline or in the cloud, small businesses are not typically protecting themselves in the same fashion due to limited budgets. Another vulnerability that small businesses face is the fact that most business info such as banking, passwords, contacts and even customer payment details are stored on one server, whereas larger businesses use various vendors to control and encrypt their data.

According to UPS Capital, the typical cost to mediate a cyber attack is anywhere from $80,000 to $150,000! Because of this, 60% of businesses will close their doors in the first 6 months following an attack.

How Can A Small – Medium Sized Business Protect Themselves From A Cyber Attack?

1. Data Encryption!

   Complicated text scrambling can help you keep your data safe from criminals both online and offline! Want to learn more about data encryption?

2. Keep ALL Computers Clean of Malware!

   There are MANY programs available to protect your computers. A common misconception is that Apple products cannot get infected, this is simply not true! Regardless of who manufactured your systems, make sure you have a trusted anti-virus program

3. BACK UP!

   What good is your data if it becomes corrupted, stolen or held for ransom via ransomware? I simple mistake such as forgeting to back-up your systems can cost you thousands of dollars. Need help deciding which back-up program to use for your business?

4. Train Your Employees!

   What good is spending money on various protection measures if your employees don’t know how to avoid common phishing scams. Because the method of ‘phishing’ changes quite frequently, it is important for not only the business owner to stay up to day, but for the owner to pass that knowledge down to anyone using the business hardware

5. Protect Yourself & Your Business From The Unexpected

   Cyber Insurance is just as important as the rest of the protection methods mentioned above. A Cyber Insurance policy can help mitigate the costs and even the interuptions that a severe cyber attack can cause

Learn more about cyber insurance for your business

Cyber crimes offer a real threat to your business and knowing protection is in place offers peace of mind. Contact our team at Bogle Agency Insurance today and learn more about cyber insurance options from experienced Lyndhurst NJ insurance agents. Our goal is to inform you and help you. Let us design a coverage package that meets your individual needs. Cyber insurance is becoming more important for businesses to have and we want to make sure your business is protected.

Click here to read “Does your business need cyber liability insurance?” from Biz Journals.