Imagine this… You start a business, achieve growth and create a profitable enterprise that stemmed from just an idea. Perfect right? But you didn’t factor cyber security into your business strategies and procedures so you get hacked.
The myriad of private and confidential information you had stored from customer purchases or employee details, that people value and treasure in their lives is now in the hands of a black hat. In 2016 as many as 46% of UK companies suffered from a cyber attack or breach of their system. The cost of this was between £1500- £19,600 depending on the size of the company.
So it all seems pretty simple right? Protect your company’s and your customers’ data. A sound cybersecurity plan and skilful execution puts you ahead of the curve in the eyes of your customers as awareness continues to grow across society.
Understand that you could be a target!
Most business owners have the mindset that their company may be too small to be at risk but this is just a false sense of security. According to Symantec, over 43 percent of cyberattacks in 2015 were targeted toward small businesses — and this number will only rise. Furthermore, only 14 percent of small business believe that their current ability to guard against cyberattacks is effective. Thus, cybersecurity is a small- and medium-sized business problem — one most are not addressing properly.
So what can you do to protect against hackers you say?
Develop A Cybersecurity Policy And Defence Plan
All companies must develop a cybersecurity policy and defence plan. This plan must detail what measures the company and it’s employees will take to ensure that the networks and the company’ data are protected from unnecessary threats.
The plan must also include the process for what to do once a cyberattack occurs. These types of plans cannot be generic as they need to be appropriately tailored to the business depending on the industry they operate in.
Get (Quality) Advice
Seeking advice from a specialist will benefit you in many ways. Now you may be thinking “we’re a tech company, we can handle our own security because my guys are the best in the industry”. But you need to remember that security may not necessarily be their focus and the tech around cybersecurity like everything else is constantly evolving. This means your most likely vulnerable and open to hacks.
So having a professional will make you more secure and give you a great contact to call upon should you get hacked. This will even fulfil your insurance obligations as you would have taken adequate measures for security to protect your company the data that you hold.
Get Yourself Covered
The final thing to consider is whether or not cybersecurity insurance is a smart option for your company. The appeal of cybersecurity insurance is that it can, at least in theory, shift the financial risk of an attack from your business to the insurance company.
But remember that most policies will include strict provisions dictating what specific measures must be undertaken by the company in order to receive coverage. This means that if there is an attack resulting in a loss the insurance provider will verify to make sure that you were in compliance with the necessary policies and procedures before paying any claim.
The take-away for you should be putting an effective policy in place to ensure that you are less at risk of falling victim in the future. Protect yourselves, your business and your stakeholders!