Small Businesses & Cyber Security: Identifying Risks

Cyber attacks are a real threat for any business, as we discussed in our previous post. Aside from securing the right IN Cyber Liability policy, how else can business owners protect their assets? The first step is to identify the risks in your day to day operations. In this article, we are going to dive deeper into how to identify and mitigate your specific exposures. After all, a company is only as strong as its weakest link.

Step #1: Identify what you’re trying to protect.

Trade secrets, confidential company information, and other sensitive data that could compromise the business should it be stolen should be noted. Understand what you’re trying to protect and why. Evaluate your assets in terms of legality and what information you strive to protect.

Step #2: Evaluate the risks.

According to Stay Safe Online, ask yourself the following to identify your company’s specific threats.

  •  How do you store the information?
  • Who has access to the information?
  • How do you protect your data?
  • What steps are you taking to secure your computers, network, email and other tools?

Step #3: Identify consequences of a breach.

Have your IT officer or security officer quantify the risks of a successful breach. How would you recover? What processes can be put in place? Is there a chain of command and communication? What would the repercussions of a breach be? Acknowledging these critical questions can mitigate damage as soon as it occurs.

About Walker & Associates Insurance

If you’re not sure if your insurance is sufficient, it’s smart business to have your risks evaluated by professionals you can trust. Since being founded in 1960, Walker & Associates has embraced a “service is first” philosophy. Our team is focused on ensuring that each client receives individualized guidance to preserve their assets and control their expenses. Our strong relationships with international, national, and Indiana insurance companies allow us to negotiate the best coverages, terms, and pricing for our clients. Contact us at Walker & Associates Insurance, (888) 920-2139, for all of your business and personal insurance needs.