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3 ways you can prepare your business for a cyberattack

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Cyber ​​attacks are unfortunately all too common in the business world of today. If your organization is not ready for an attack, it is highly unlikely that you will succeed in repelling it. And that there is no confusion – they arrive.

Cyberattacks: a problem that will not go away

It's easy to claim that your business is immune to what's happening "out there," but the size of your business has very little to do with your cyberattack target status. In fact, small businesses and businesses face as many risks as large Fortune 100 companies. Consider the following statistics:

  • 43% of all cyber attacks target small businesses
  • 60% of small businesses go bankrupt within six months of an attack.
  • From May 2015 to May 2016, 55% of the companies surveyed reported having experienced a cyberattack in the previous year.
  • As a result of these attacks, businesses spent an average of $ 879,582 due to damage or theft of IT assets. Disruption of normal activities costs an average of $ 955,429
  • Only 14% of small businesses consider their ability to mitigate cyber-risks and attacks as "very effective".

In other words, do not assume that you are immune to what has become a hostile cyber landscape. It's easy to feel far and away from an attack on an unrelated business, but you will not feel as safe when you hit near you. This is a problem that will not go away – so take it over and be proactive about it.

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3 ways to prepare your business

In order to prepare your business for cyberattacks and prevent / repel them, you need to take a disciplined and strategic approach. Here are some suggestions:

1. Review your security strategies

What kind of security policy has your company put in place – if any? Are these policies being applied with care, or are you just giving them a short note?

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For example, research shows that more than half of all data breaches are caused by weak or insufficient passwords, but only 24% of small businesses have strict password policies in place. Of those who have established a formal policy, 65% of companies say they do not actively implement it.

You should review your security policies every few months to make sure that they are complete and enforceable. It is also wise to be on the lookout for new policies that you can put in place in order to consolidate the vulnerable areas of the business.

2. Conduct regular cybersecurity drills

As they say, practice makes perfect. If you want to prepare your business for the inevitability of a future attack, perform regular cybersecurity drills.

"During a cybersecurity exercise, it is important to evaluate the timing of the response at multiple levels," advises Titan Power. "How quickly do individuals and teams react and thwart or mitigate a cyber attack and how quickly can you keep customers up to date with the latest and most accurate information?"

3. Invest in the right insurance policies

You can never have enough insurance for your business. This includes cybernetic liability insurance, which helps to mitigate the costs of an attack.

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In most cases, cyber liability insurance is available both as a stand-alone policy and as a supplement to the policy of a business owner. There are two types: first party and third party.

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"First-party coverage can help cover expenses when your network is hacked or your data is stolen," says Insureon. "Third party coverage provides protection when a customer or partner sues you for allowing a data breach (either because of something you did or failed to do). choose one or the other type of protection. "

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Do not ignore the problem

It's easy to ignore cybersecurity when you have not had any complications in the past, but times are changing and storms are looming on the horizon. If you have not been attacked yet, it's only a matter of time before you are. It's just the harsh reality of doing business in 2018 and beyond.

The good news is that you do not have to sit there and watch your business collapse to the ground. By taking a proactive approach to cybersecurity, you can prevent and defend against most attacks.