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How can small businesses meet cyber insurance challenges head on

Let’s start by crushing a myth, it isn’t true that being a small business means you are less likely to be targeted by a cyber-attack. 

The risks are still the same no matter whether you are a small business or not. This is why it cannot be underestimated how important it is to ensure that you have the most appropriate cyber security solutions in place to protect your business. 

The statistics back this up by one study suggesting that 20% of small firms have suffered from some form of cyber-attack. Many businesses feel that they don’t have the necessary finances or time to get these safeguards in place, but this is not true. 

There are several ways that you can get your business protected which could make it much easier for you to get the necessary cyber insurance cover in place. 

Why does your business need to have cyber insurance? 

As has been widely reported by news outlets, there are a whole host of cyber threats that exist today such as phishing, ransomware and so on. Ensuring that your business is eligible to be able to take out cyber insurance is so important and will enable you to recover much quicker. This has a particular relevance if your business is accessing sensitive customer data, trading online or isn’t using cybersecurity providers such as Advantage then looking into cyber insurance is worth it. 

By having in place cybersecurity insurance is vital in helping your business to defend against worst-case scenarios. So, how can your business become eligible for this type of insurance? 

Are you looking to improve your overall cybersecurity but not sure where to begin? Why not take a look at our Cyber Security Certifications that are available through Advantage

How can small businesses meet cyber insurance challenges head on? 

In order to be eligible your business needs to meet certain criteria. 

This can be achieved by meeting basic cybersecurity standards which will help to increase the chances of your small business qualifying for this. 

Here are some actionable steps that you can take provided by Advantage. 

Make sure all software is up-to-date and protected 

By ensuring that your software is using the latest in antivirus protection is a great starting point for avoiding the most basic of cybersecurity threats. As well as this, make sure that all of your programs are regularly patched to stay in line with the manufacturer's latest updates. 

Having the above in place will make insurers see you in a favourable light. 

Keep your network safe through the use of a top of the range firewall 

If you didn’t know already, a firewall is a network security system that can keep an eye on and control your network traffic. This is set up based on predetermined rules for both incoming and outgoing traffic. It essentially adds a layer between your network and any network outside of that which is usually how hackers try to access your network. 

Again, having one in place can help insurers to realise that you are taking steps to stop these forms of threats. 

Don’t have one in place? Advantage can help provide you with suitable firewall security! 

Get regular security checks in place 

Let’s face it, not all small business owners are able to grasp both the ins and outs of cyber security. This is where cyber security solutions can be implemented to enable you to carry out regular checks and give users 24/7 protection. 

Also, you get the added benefit of being able to further use this solution as an educational tool – giving users extra awareness about cyber threats, potential policies you could use as well as giving users more control over their own cybersecurity. You can also get additional cyber awareness training from our team here at Advantage.  

Back up your data on at regular points 

Insurers will need your small business to demonstrate how you reduce the risk of data being lost as it can be extremely costly and damaging to your reputation. 

Ensure that your data is fully backed up through a secure cloud-based service such as Microsoft Azure. It is important to note that you will need to manage both first-party and third-party data in different ways. 

Effectively manage user access rights and permissions 

Being in full control of user access rights is vital in keeping your business secure. You want to make sure that only the right people have access to sensitive data without impacting their ability to be able to complete their job. 

In most businesses, implementing a ‘least privilege access’ policy is often used to manage the rights of users. This policy sets out that certain users only have the bare minimum access but enough to allow them to do their jobs. Furthermore, it puts a restriction on access rights to only users, accounts and processes that need this form of data. 

This is a good practice to have in place to keep control over your data as well as to help safeguard your employees from making mistakes which essentially will help to reduce the risks for insurers. 

Next Steps? 

If you are a business that is looking to get Cyber Security Certified with Advantage or have any other cyber security issues that you wish to address to allow you to access cyber insurance then please talk to our team of Cyber Security experts now to discuss how we can help you to transform the way you work. 

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