Business Cyber Risks for the Future

Operating in the world today without the internet is fairly impossible, as its reach extends to virtually all people, homes and businesses. Being connected also brings more unanticipated risks than ever before. Cyber risks like ransomware and email “phishing” are just a click away, and they’re not going away anytime soon — meaning cyber claims aren’t either.

Small and medium-sized businesses are not immune to cyberattacks. In fact, this attitude is what makes small- and mid-size businesses prime targets for hackers: a lack of concern means business owners are less likely to implement necessary safeguards, which makes them easier targets.

The Chubb Cyber Index shows that 71% of all cyber events at small companies over the past two years were the result of external factors, versus just 32% for companies larger than $500 million in revenue. Small business’ security measures are often outdated or under prioritized, and therefore can allow cybercriminals to deploy attacks quickly, cheaply and anonymously — increasing both the likelihood that they will be targeted and that most attack attempts will be successful.

Chubb encourages small business owners to ask for help — especially when educating their employees, as it is among one of the most important elements to protect businesses from experiencing and bearing the financial weight of a cyber incident. In addition to employee training, small- and mid-size businesses should employ the following to protect against cyberattacks: adequate antivirus software, multi-factor authentication, password security and hygiene, monitoring of all network activity and updated operating systems.

As cyber threats continually evolve, cyber insurance — in connection with these other preventative measures — can play a key role in the awareness, preparedness, and resiliency of small and midsize businesses.

For more information on how to protect your business against Cyber Attacks, talk to your local IMT Agent today!