Cyber Attacks is a real risk facing businesses today. Cyber Risk Management is the process of protecting your networks, devices and business from emerging threats and cyber-attacks.
With businesses storing all personal information of staff and clients on computers; Information management has taken centre-stage in terms of potential risks associated with Cyber Security.
As a small business, you might feel that you are not at risk of these kinds of attacks, but 43% of online attacks are now aimed at small businesses with only 14% really being prepared to combat a cyber breach.
An effective cyber breach can cause a lot of damage to a business. Here are some of the risks involved during a cyber-attack.
- Financial Risks: Cyber breaches can give attackers financial information to access your bank accounts and other financial information that can lead to significant financial losses. Clients may hold you responsible for the losses they suffer due to breaches of your system.
- Reputational Risks: Trust is critical between a business and its clientele. A cyber breach can lead to a loss of trust, customers, lower sales numbers and eventually, a reduction in revenue.
- Compliance Risks: If your clients are negatively affected by a cyber breach, you are at risk of legal action. Data Protection/Privacy Laws require you to manage the security of all personal data you have of staff and customers, and you can be held liable for any personal information exposed.
Here are a few things you need to consider if your business is covered for:
- Cyber Extortion and Malware (Viruses, Ransomware, Publishing Stolen Data)
- Denial of Service (Disruption to Operations)
- Downstream Attack (A Compromise of your environment resulting damage)
- Insider and Privilege Misuse
- Physical Theft and loss (Both Devices and physical hard copies of data)
What you can do to manage you and your business’ Cyber Risk:
Do thorough research on all employees before giving them access to personal or financial data in your business.
Teach your staff to be Password Safe as attacks can come from anywhere in your business.
Use social media to investigate your potential staff to make sure you know as much as you can before employing someone to work with your data.
Ensure your employment contract includes an NDA regarding all information they will be working with. Make sure your employees understand all the terms when signing.
Contact First International Portfolio Managers to assess and cover your Cyber Security Threats. We will ensure you have the best option for you and are covered should a Cyber Attack hit you.