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When it's Important to Stay in the Know.
Shield Your Business from Cyberattacks
Cyberattacks are becoming more frequent and sophisticated, placing businesses of all sizes at risk. Cybersecurity Awareness Month, which comes around each October, presents an ideal opportunity to review your company’s protections and reduce vulnerabilities.
Now is the time to ensure team members are up to date on the latest threats, systems are in working order and you have the right business insurance in place, as well. Read on for tips from your BCH team to help ensure you’re covered and in compliance when it matters.
Key Considerations to Keep Cyberthreats in Check
Team Training: Every business should have a training program in place that educates employees at all levels of the company. Ensuring team members are aware of potential threats and how to prevent them lessens the likelihood of a successful attack. Training should include the best way to handle attacks to reduce the risk of prolonged business interruptions.
Cyber Risk Assessments: Businesses can conduct risk assessments, test employee knowledge and run regular security checks to prepare teams for cyberattacks. Some programs issue fake phishing scams to team members and send a report to leadership reviewing the individuals who passed or failed the test.
Data Protection Policies: A good risk management plan includes data protection policies that teach employees how to send sensitive information, use secure networks and safeguard password credentials. If team members follow the outlined procedures, the company lowers the risk of a data breach or attack.
Cybersecurity Software: Investing in the right software can save companies costly litigation fees and help them avoid business interruptions. When important information is compromised, you spend time and money to secure it again. It’s also important to update your security software to prevent cybercriminals from breaking through weaker defenses.
Cyber Liability Insurance: Cyber insurance might be covered by commercial general liability (CGL) insurance, but it’s a good idea to review your policy before you renew. With advancements in technology and international cyberthreats, you’ll want to consider new and existing risk factors at least once a year. Insurance underwriters look at the company’s industry, sensitive and personal information on file, data security management systems, breach history, data backup procedures, company policies and overall compliance.
New Cybersecurity Legislation Aims to Protect Small Businesses
Senate Bill 2610, which took effect Sept. 1 in Texas, established a cybersecurity “safe harbor” for small businesses. The law levels the playing field for companies that might not have access to legal resources, helping to protect them against costly claims and lawsuits arising from data breaches.
These companies must, however, have a qualifying cybersecurity program in place. Here are some points to note.
- Who is Eligible: Protections apply to companies that employ fewer than 250 workers and own or license computerized data containing sensitive personal information.
- What is Required: Requirements vary based on business size. Those with fewer than 20 employees must enact basic password policies and team member training. For companies with 100 to 249 people, full frameworks such as those provided by the National Institute of Standards and Technology (NIST), are necessary.
- Protections Offered: Businesses that adopt recognized cybersecurity measures are shielded from punitive damages, reducing financial exposure and promoting confidence in data security.
Is Your Cybersecurity Approach Enough?
Reach Out to Your Risk Advisor Today
With BCH’s Risk Management Center, Critical Resources Are a Click Away
With training tracks designed to keep your team at the top of its game and a library filled with resources that make it simple to spot potential risks and protect against them, BCH’s Risk Management Center (RMC) looks out for your operations through Cybersecurity Awareness Month and beyond.
