With the ability to collect, store and analyze massive amounts of information, businesses are increasingly reliant on data to do everything from refine their products and services to determine how their customers want to be contacted. However, data breaches are on the rise. And according to an IBM study conducted by the Ponemon Institute, the average cost of a data breach is $3.86 million when you factor in liability issues, lost business, reputational damage and the time and money spent on data recovery. For a more in-depth look at the most comprehensive cyber liability insurance in Los Angeles, get in touch with Grand Mutual Insurance today.
Fortunately, there are several things you can do to protect your business from a data breach. Keep the following tips in mind:
- Install robust firewall, antivirus and anti-malware programs. At its most basic, a firewall protects your computer network from external data breaches via the Internet. Antivirus and anti-malware programs both protect your system from malicious software. According to Malwarebytes Labs, the main difference between the two is that antivirus software is generally aimed at more established and lingering threats —such as viruses, worms and Trojan horses — while anti-malware is typically aimed at current, even more dangerous threats that could breach your system and wreak havoc on your data. It’s important to understand that you need all three types of programs in order to achieve comprehensive protection against cyber criminals.
- Practice good cyber hygiene. Cyber hygiene refers to a set of best cybersecurity practices that you and your employees should adhere to at all times. As a rule of thumb, don’t use the same password for more than one site; use 12-digit or longer passwords that are a combination of letters, numbers and special characters; always log out of sites; install software updates when they’re available; and don’t click on links in emails or download attachments unless you’re 100 percent certain that they’re reliable.
- Limit access to sensitive data. It’s important to understand that while the most publicized data breaches originate from outside networks, threats can also come from within your own network. This can occur if somebody hops on to your Wi-Fi or an untrustworthy employee gains access to certain files. To minimize the risk of this happening, password protect your Wi-Fi and use two-step authentication to secure folders and files that contain sensitive data.
- Outsource your cybersecurity. If you want to be sure you have high-quality cybersecurity, outsource to a specialized cybersecurity company that caters to the needs of small businesses.
- Purchase cyber liability insurance. No matter how much you do to prevent a breach, there’s still always a chance that it can happen. Cyber liability insurance is specifically designed to protect you by helping cover the cost of extortion, as well as expenses associated with lost business and notifying employees and customers about the data breach. It also helps cover legal and liability costs.
Finally, it’s important to be aware that cybercriminals are continuously developing more and more sophisticated ways to steal data, compromise data or both. That’s why it’s advisable to stay abreast of cybersecurity news so you can take the necessary measures to update your policies and software accordingly.
Cyber Liability Insurance in Los Angeles
As part of the Peak Corporate Network, Grand Mutual Insurance offers the widest array of personal and business insurance options for virtually any circumstance. Contact our team today to learn more about business insurance coverage and cyber liability insurance in Los Angeles.
