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Why and How to Invest in Cybersecurity

Cyber attacks put individuals and companies at risk and threaten the financial security of businesses and the economy. According to Statista, nearly a quarter of the companies that have experienced a cyberattack have lost between $50,000–$99,999. Among the surveyed companies, another 22% reported losing $100,000–$499,999. In a continually increasing technological world, it is important to take the necessary steps to protect your business.

Before the Hack

3 Steps You Can Take Today to Protect Your Business

1. Confirm your insurance coverage. Having insurance is not enough, it’s important to confirm you have the right type of coverage. Many retailers have cyber insurance, but ransomware isn’t always part of the package, which means the insurance doesn’t cover the actual cost of the ransom. Talk to your insurance broker to be sure you have the right protection.

2. Enact password security. One key way malicious attackers find their way into vulnerable systems is through weak passwords. A guessable username and password can wreak havoc on a business. Two-factor authentication (2FA) helps mitigate hacking because it requires a person to confirm their identity on another device before they can log in. Requiring strong passwords, regularly changing passwords and employing 2FA will help make your system more secure and protect your business.

3. Talk about the risk internally. Cyberattacks on small-to-medium size businesses have only become more frequent. Experts say it’s not about if your business will be breached, but when. Be sure everyone on your executive team and key managers understand and agree on the risk to your operation. Buy-in from every decision-maker is critical to protecting your business.

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