In our current climate, more people are working from home to avoid Covid-19. Unfortunately, that puts all of us at greater risk for a computer virus.
Almost every week, headlines frighten us with news about data breaches, cyber attacks and identity theft. Innocent-looking emails entice us to click thorough to unprotected sites that download a computer infection or scams to steal our money and information.
Whether you’re a worker or a business owner, we’re all at risk. Cyber attacks are a daily occurrence, and they impact small and large businesses alike.
Being knowledgeable and prepared are good defenses, along with the use of firewalls, strong passwords, updated software and a strong home network. Your home insurance policy also may offer identity theft protection to help you with the lengthy restoration process of regaining your credit reputation and associated legal expenses if you are the victim of a scam.
Most businesses use computers and collect their customers’ credit card information and personal data. A security breach could destroy or corrupt critical databases and leak confidential information. Your business reputation will be damaged as clients lose trust. Depending on the severity, a data breach could result in a loss of important data, which requires time and expense to recover. Operations may cease while the breach source is determined. Long shutdowns could lead to loss of customers and more lost revenue. Regulatory fines may be imposed, along with costly required notifications to customers regarding the breach.
Your business may sustain a huge financial loss due to a data breach, and a cyber attack may disable your computers. Over 60 percent of small businesses will go out of businesses after experiencing a cyber attack.
The average data breach costs over $200,000 to rectify, so it is prudent to consider a good cyber insurance policy that will help you to provide funds to cover business interruption, legal defense, customer notification and credit monitoring after a data breach.
Be alert to potential problems and implement strong security for your network, applications and information. Be prepared for the worst with solid disaster recovery and business continuation plans.
Zeringue is president of SouthGroup Insurance Services, a CPA, PWCAM, CBIA, and licensed Trusted Choice Insurance agent. Reach her at www.southgroupgulfcoast.com, (228) 385-1177 or azeringue@southgroup.net.
