Small and mid-sized companies are major targets for cyber criminals

Brought to you by Insureon Small Business Blog: Risk management insights and more for your business.
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Cybersecurity is a challenge for all businesses, but it’s particularly challenging for small and mid-size companies because they often don’t have the security and technical expertise of larger organizations.

The broad adoption of technology by organizations across all sectors has created new opportunities for cybercriminals. And while the success of cybercrimes has increased, so has the severity of business loss, due in large part to the rising costs of ransomware. How can you protect your business from a costly cyber attack or help it recover financially should one occur?

Here are three suggestions from Insureon and Coalition, experts in protecting small and medium-sized businesses.

Increase Your System’s Security

Despite popular belief, email isn’t a secure form of communication, so every organization needs to use caution when sending or verifying sensitive information. Breaches in security can result in funds transfer fraud, ransomware, and stolen data. What can you do to secure your system? Implement multi-factor authentication, maintain good data backups, enable secure remote access, and update your software regularly. Additional precautions include using a password manager, scanning for malicious software, and encrypting your data. More information can also be found in the 2021 cybersecurity guide.

Did you know that cyber insurance claims are among the most frequent insurance claims made by small and medium-sized businesses, yet a substantial majority of these companies remain uninsured?

Provide Employee Training Programs

Properly mitigating cyber risk isn’t accomplished by only the IT team. It requires a deliberate culture of cyber risk awareness that holds every individual accountable. Through security awareness training programs, all employees can gain the knowledge they need to stay vigilant and avoid becoming the victim of a phishing attack. Coalition also offers all policyholders 15 free security awareness training licenses through a partnership with Curricula.

Insure Against Losses from Cyber Crime

Even with the best defenses in place, businesses can never be 100% secure. That’s why having cyber insurance that can help you recover from loss, should it occur, is so important. Did you know that cyber insurance claims are among the most frequent insurance claims made by small and medium-sized businesses, yet a substantial majority of these companies remain uninsured? Don’t be one of them. If the worst happens, make sure your organization is prepared to recover.

At Insureon, we understand the cybersecurity challenges you face. That’s why we’ve partnered with Coalition, an emerging provider of cybersecurity insurance and security tools. They’re experts at preventing cyber threats and mitigating loses, and like us, they specialize in working with small and medium-sized businesses. With Insureon, you have access to Coalition’s leading cybersecurity insurance on all your quotations. Learn more about how Insureon and Coalition can help you protect your business against cyber criminals. Click here and reach out to me to continue the conversation.

Curt Vondrasek, Senior Vice President Revenue, Insureon

Curt leads new business revenue generation for Insureon. He has over 25 years of experience in the insurance industry and has held senior-level positions at insurance brokerages, insurance carriers, and a consulting company. He has also served on several boards and is the former President of the Chicago chapter for AA-ISP. View LinkedIn

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