Keep Your Business Insurance Payments Low: Invest in Modern Cybersecurity Best Practices
If you’ve recently renewed your business insurance, or you are about to, you might have noticed that your insurance provider is starting to ask you questions about your overall IT security. Depending on how you answer these questions, they may increase your premiums or choose to not cover your business at all. This raises the question—how can my Maryland business lower my insurance costs and properly protect my business from cyberattacks?
Are you concerned about your business' cybersecurity but hesitant to invest in modern practices due to the cost? As a business owner, it's essential to understand that a cyberattack can lead to significant financial loss and damage to your reputation. In today's world, where the threat of cybercrime is higher than ever, investing in cybersecurity is not only necessary but also a smart business decision.
Let’s discuss how you can keep your business insurance payments low by investing in modern cybersecurity best practices. By the end of this article, you'll have a better understanding of how to protect your business from cyberthreats.
WARNING: While we are talking about lowering the cost of your business insurance, meeting modern standards for cybersecurity is an investment. Depending on how you look at it, it may seem like a pretty significant investment for your organization. That being said, it significantly lowers the risk of an attack doing irreversible harm to your organization. The future of your business is worth this investment.
The Importance of Cybersecurity for Your Business
With the increasing number of cyberattacks throughout Maryland alone, it's essential to take measures to protect your business. Cyberattacks can happen to any business, big or small, and can cause significant damage. Cybercriminals can steal sensitive information, such as financial data and personal information, and use it for fraudulent activities.
A cyberattack can also lead to loss of productivity, downtime, and damage to your business' reputation. All of these can result in financial loss, which can be significant for small businesses.
This goes double for schools, healthcare, and non-profits. These types of organizations usually hold extremely sensitive information, and a common threat like ransomware or a data breach not only tends to gain the cybercriminal a better, more certain reward, but it also does more damage to the organization and the community it serves.
Modern Cybersecurity Best Practices
Your insurance provider will probably provide a list to you of everything they want you to comply with, but it shouldn’t stop there. You should have a company like Dresner Group review the list they provided, and audit your network to find any other security vulnerabilities and weaknesses to adjust.
Here are some of the most common best practices.
1. Employee Education
Employees are the first line of defense against cyberattacks. It's essential to educate them on cybersecurity best practices, such as how to recognize phishing emails and how to create strong passwords. Your employees are one of your prime targets for cyberattacks, so educating them on how to identify potential threats and encouraging them to report what they see will go a long way.
2. Multi-Factor Authentication
Multi-factor authentication adds an extra layer of security to your system. It requires users to provide two or more forms of identification to access a system, such as a password and an authentication token or biometric scan.
Encryption is the process of converting data into a code to prevent unauthorized access. It's essential to encrypt sensitive data, such as financial information and personal data, to prevent it from falling into the wrong hands. All of your endpoints should be encrypted, especially laptops and other devices that leave the office.
4. Regular Software Updates
Software updates contain security patches that address known vulnerabilities. Regularly updating your software can prevent cybercriminals from exploiting these vulnerabilities.
5. Data Backups
Data backups are essential in case of a cyberattack or a natural disaster. Regularly backing up your data can help you recover it in case of a system failure. Ensuring that your data is securely stored both onsite and offsite will go a long way in helping you recover from an attack.
Benefits of Investing in Modern Cybersecurity Best Practices
Investing in modern cybersecurity practices can bring significant benefits to your business. These benefits include:
1. Protection Against Cyberthreats
Modern cybersecurity practices can protect your business from a wide range of cyberthreats, including malware, phishing attacks, and ransomware.
2. Increased Productivity
A cyberattack can cause downtime, which can result in a loss of productivity. By investing in cybersecurity, you can prevent downtime and ensure that your business runs smoothly.
3. Improved Reputation
A cyberattack can damage your business' reputation. By investing in cybersecurity, you can prevent data breaches and other cyberattacks, which can help maintain your business' reputation.
It All Starts With a Cybersecurity Audit
All organizations should be reviewing and auditing their network at least once a year, if not more. Dresner Group is Maryland’s #1 managed IT provider, and we focus on keeping businesses and their customers protected, both with cybersecurity measures and physical security (like security cameras and access control). On top of that, your staff will love getting their technical support from us. We help businesses like yours get the most out of their IT investment. Let’s get started with a cybersecurity audit. Give us a call at (410) 531-6727.