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Is Your Business Vulnerable to Cyber Crime?

Posted on: May 19, 2016 by titan-goodrich

If you run a small business, you may assume you’re immune from cyber crime. “Why would a hacker bother with my business when they can gain more by targeting multi-million dollar corporations?” Is your business vulnerable to cyber crime? If you use computers, tablets, or smart phones for your business, you are vulnerable to cyber crime. Cyber criminals are becoming more sophisticated and are increasingly targeting the low-hanging fruit: small businesses. That’s precisely why you should consider Virginia Cyber Liability Insurance policy a necessity rather than an optional protection.

Surprising Statistics

Five years ago, Verizon’s business division studied a large number of cyber security breaches. Their conclusions may surprise you. Nearly 75% of security breaches targeted small businesses, fewer than 100 employees. More than 80% of cyber crimes were perpetrated using hacking and nearly 70% used malware, though many cyber crimes used a combination of both.

Protect Yourself

Many cyber criminals prefer targeting small businesses because many small business owners assume they’re not at risk, so they don’t invest in firewalls and antivirus software. Every business should have these tools in place! Additionally, because many small businesses lack IT departments, employees aren’t trained about the methods cyber criminals use to steal data. For example, phishing is a common, effective tool thieves use. They send out emails to a massive list of email addresses. The emails have hidden malware. When an employee opens the email, the malware copies sensitive information that the thieves use to commit crimes. Regardless of how many employees you have, make sure they’re aware of common cyber scams so they can avoid them.

If you don’t have an IT department or an IT person, it’s smart to hire a reputable contractor or IT firm to come to your business, identify security lapses, and eliminate them. Cyber criminals also thrive on predictability. Make sure everyone in your organization changes passwords routinely and uses strong passwords incorporating numbers, letters, and symbols that can’t easily be guessed. The threat is real and will become more pervasive as technology evolves. If you haven’t addressed cyber security, now is the time to do so.

Contact us at Goodrich & Watson to get this vital protection. It’s probably not a question of if cyber criminals will target your business, but when.

Posted in: blog Business Insurance Cyber Liability Insurance Virginia

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