Why is cybersecurity risk management still an issue?
For a small business, cybersecurity breaches pose a far greater risk than for larger organisations. A single cyberattack could financially impact your business to such an extent that your company may not survive. If the financial damage is not significant enough to lead to closure, the negative effect on your brand image and reputation is likely to deter many current and future customers.
While many business owners have implemented some measures against cyberattack, there are still a number of further actions that should be taken to protect your business.
Small organisations failing on cybersecurity strategy
One of the biggest mistakes that smaller businesses make in respect to data protection is failing to put robust cybersecurity policies in place. This could be as simple as implementing a compliance committee or employing a dedicated Chief Information Security Officer (CISO). These organisations also tend to struggle with measures such as multi factor authentication, which should be implemented to secure against potential areas of risk.
What are small businesses doing to combat cybersecurity threats?
While there are a number of areas that companies could improve when protecting against cyberthreats, many have begun to improve their processes. Often, small businesses rely on penetration testing to find potential breaches in their systems. Whilst this is not the most effective method, it is a step towards more efficient scanning for security breaches and threats.
There is also an uplift in the number of SMEs introducing network segmentation to control the spread of viruses, by taking vulnerable devices offline or separating them from the main network. It is also becoming more common for businesses to implement robust email security controls as a simple and basic defence against internal and external threats to digital assets. Phishing is a very common form of attack, hence it is the scenario that businesses most regularly simulate to test their incident response processes.
SMEs must do more to protect against cyberattacks
The majority of SMEs have other cyber risk assessments and plans in place; however only half of these test their security systems on a regular basis to ensure that they remain effective. More must be done to identify any areas of vulnerability across all systems within the business. In addition, these measures need to be regularly tested, as without regular testing there is no way of knowing whether they will be able to perform effectively when required.
No matter what measures you have in place, cybersecurity threats are become an increasingly common issue for businesses of all sizes. Whether you have the most advanced cyber risk management software in place, or basic virus protection systems, it is important to have cyber security insurance in case the worst should happen.
Robison is an experienced business insurance broker based in Petersfield, providing advice and services to businesses and individuals within Hampshire and the surrounding areas. Our highly trained staff are on hand to offer support and guidance, benefiting from a wealth of experience working with businesses across a vast range of industries.
Contact us today for advice or a quote for your cyber security insurance on 01730 265500 or email email@example.com