Small businesses juggle so many challenges and opportunities in the forge forward. Given tight resources, it is tempting to think that cyber breaches won’t happen “to us.” Of course that’s not a real risk management plan—and of course cyber crimes occur in businesses of all sizes. Experts share practical areas for action.
Assess Vulnerabilities, Add Protections
According to Business News Daily, preventing customers from identity theft needs to be much higher on the radar for small businesses:
If you’re a small business owner with a website and no security measures or practices in place, you could be at risk. The exact situation is different for each business, but Jorge Rey, chief information security officer for accounting firm Kaufman Rossin, said it’s important for all business owners to assess their vulnerability and determine whether security solutions are needed. “A lot of times, we don’t make decisions because we believe it’s not going to happen to us,” Rey said. “Small businesses really have to think about how their customers are going to feel after a data breach or how their business is going to be impacted.”
As you assess your vulnerabilities, remember that If your business has a company sponsored retirement plan, such as a 401k, you have additional risks and responsibilities related to you fiduciary duty of care for participants. Be sure you are following the protocols issued by the Department of Labor this spring, which are applicable to businesses of all sizes. In addition to adequately selecting and monitoring your plan service providers related to their cyber hygiene, it’s advisable to put two protections in place for yourself and your company: cyber liability and fiduciary liability coverage.
Many small businesses, believing they cannot afford protection, find themselves going it alone in the aftermath of a cyber breach. This has proven to be disastrous: as many as 60% of small businesses end up out of business after being victimized by a cyber breach. Having an incident response plan is an important way to mitigate the damage and cost of a cyber breach—and Colonial Surety Company includes a unique and response plan with affordable Cyber Liability protection. Armed with this coverage, presto: in the event of a breach, you will have the help of expert forensic and legal experts , who will identify what’s been comprised and coordinate the response. As needed, call center support, credit and identity monitoring services and even public relations expertise are provided. Liability protection in the event of covered lawsuits or regulatory actions due to a data breach? Of course that’s included too. Learn More and Obtain Cyber Liability Protection Here.
Don’t stop with Cyber protection though. It’s important to protect yourself as a fiduciary too. Colonial’s fiduciary liability insurance gives you peace of mind that your personal assets are protected from a breach of responsibility in the administration or handling of an employee benefit. Watch our quick video here to learn why this is so important, then choose and obtain your affordable package in minutes.
Restrict Access and Update Tech
Along with putting fundamental protections in place for your business, retirement plan and yourself, you can also adopt best practices related to limiting data access and ensuring regular tech updates. Business News Daily shares this guidance from cybersecurity experts:
Michael Baker is a founder and managing partner of Mosaic451, a cybersecurity service provider….Baker said that the first step in ensuring customer data is secure is to limit employee access.”Employees at a small business should be able to access only those systems and data that they absolutely need to perform their jobs,” he said. “So that all activity can be traced to a particular user; each employee should have a unique access ID and should be authenticated using a strong password.”
Keep technology updated. Baker also said companies should make sure their security software, operating systems and other technology (like POS systems) are up-to-date. Updates ensure that your technology is patched with the latest software to combat security threats.”Because cybersecurity is a constant ‘spy vs. spy’ battle where experts find ways to patch vulnerabilities while hackers find new ways to access systems, POS software systems release frequent updates to address the most recent security threats,” Baker said. “For maximum protection, these updates must be downloaded and installed as soon as they are released, not on a monthly or quarterly schedule.”
Experts remind us that given the likelihood that all of our small businesses will at some point experience a cyber breach, we can never hope to fully eliminate the risks to our businesses, retirement plans-or personal assets. However, we can make sure we adhere to regulations, implement best practices—and add affordable protection. That’s why small business owners and retirement plan sponsors across the country turn to Colonial Surety Company for affordable, and comprehensive packages. Choose yours and receive:
The ERISA bond required to protect the assets of the retirement plan from theft;
- Fiduciary Liabilitycoverage to protect you and your assets from personal liability;
- Cyber Liability coverage to protect your company and plan from covered losses and expenses in the event of a cyber breach.
With Colonial it is so efficient and affordable to secure this protection that you can do it now: Complete and Affordable Plan Sponsor Protection Package.
Colonial Surety Company is a leading national and direct provider of ERISA Fidelity Bonds. We are rated “A Excellent” by A.M. Best Company, U.S. Treasury listed and in business all across the country. Founded in 1930, Colonial uses our experience—plus technology—to give small businesses easy, direct and affordable access to the same kinds of protections big corporations have. We excel at packaging products that make it simpler and faster for businesses to quickly access the protections they need. Oh, yeah—and we are here for You!