Not If, But When

Cyberattacks are a constant threat for organizations, employees, and consumers. It has been estimated that 231,354 data records are lost or stolen in a 60-minute period. Protection of data has never been more important.

In April alone, in the United States, Facebook, Toyota and First American all suffered attacks that made hundreds of millions of individuals’ personal and financial information vulnerable. But keep in mind that cyber attacks can happen to small and mid-sized businesses as well. In fact, 43% of small businesses suffer a cyber attack.

Cyber crimes happen when cybercriminals gain access to private networks in various ways including malware (undetectable by antivirus programs) or through smaller business partners (third-party associates). No matter where the vulnerability exists, the organization is accountable.

When a business suffers a data breach it has several obligations and responsibilities, including disclosing the event and paying any fines associated, as outlined in data protection laws. Reports cite that 60 percent of small firms go out of business within 6 months after a data breach.

What is your best defense? A strong cyber security system involves both layered technological protection and people educated in making smart choices. Although you may do everything possible to prevent a data breach, having a recovery plan in place will be instrumental in helping in the recovery process.

1. Stop the Breach
Time is of the essence. Containing the breach as quickly as possible.

2. Assess the Damage
Investigate to know how the attack happened and how to prevent it from happening again.

3. Notify
Notify authorities, third-party organization, and any individuals affected.

4. Security Audit
Assess current security system to identify new fixes and policies.

5. Prepare for the Next Attack
Continually evaluate and enhance.

The professionals at Charles Leach are available to answer your questions about cybersecurity and the insurance protection that best fits your business.