Every year for USA TODAY, I write an annual top trends in business column to start the year. For the past few years, there has been one issue that has made my Top 5 consistently, and it wasn’t mobile, social media, or technology.
It was data security.
Yes, the issue is that big and the stakes are that high. According to Security Magazine, “It is estimated that 60 percent of hacked SMBs go out of business only after six months.”
There are two things to keep in mind as you consider that last statistic: 1) not all security breaches are necessarily cyber-related, and 2) whatever the case, there is a lot you can do to protect your small business from a security breach. Most often, data breaches stem from the following causes:
- Credit/debit card fraud
- Bad employees
- Lost paper documents
- Lost mobile devices, or
- Accidental disclosure by someone within the company.
Being aware of these top common causes can help you prevent problems. Here, then, are the top 10 ways you can protect your business from a security breach*
1. Physically protect papers and laptops. Safeguard important physical documents. Remember that employees can be one of the top causes of security breaches. Similarly, make sure all company-issued laptops and tablets are password protected and are kept in a safe place when not in use.
2. Shred old documents. Along the same lines, keep in mind that discarded or stolen papers are one of the top causes of security breaches. Improperly disposed-of physical documents can be a prime source for Identity theft and credit card fraud.
3 Update your anti-virus software. This is an easy way to stay protected. A lot of small businesses neglect their software updates, which make them vulnerable to some of the most severe security attacks, like ransomware. In fact, you should probably consider anti-virus software your first line of defense.
4. Download from reliable sources. One of the bad guys’ top tricks is to make you download infected software from their scam sites. Be super careful about where you download from.
5. Use a secure connection for receiving/transmitting sensitive financial data. Your e-commerce and other vital financial transactions should be done over sites that use either SSL (Secure Sockets Layer) or TLS (Transport Layer Security.)
7. Get insured. Should the worst occur, you will be very happy if you have the proper type of cybersecurity protection insurance. For example, Allstate Business Insurance offers a variety of cyber-focused protection products to help protect businesses in a virtual world. Specifically, Allstate CyberSuite* offers the broadest amount of protection due to a cyber event, including
- Data compromise
- Cyber extortion
- Identity recovery
- Network security liability
- Computer attack
- Computer fraud
Though the risk of a security breach is quite real, there is a lot you can do in terms of prevention. Remember that preventing a security problem is a whole lot cheaper than actually fixing one.
* Coverages are subject to state availability and qualifications and may vary by state. All claims for coverage are subject to applicable state and territory laws, policy terms, conditions and exclusions. Coverages are subject to state availability and qualifications and may vary by state. All claims for coverage are subject to applicable state and territory laws, policy terms, conditions and exclusions.