The Small Business Association advises small businesses to be aware of the most common types of cyberattacks, shown below:

Malware is software designed to damage your computer, server, client, or computer network.

A virus is a kind of malware that inserts a self-replicating code into your computer with the intention of  giving cybercriminals access to systems on your computer.

Ransomware is a kind of malware that restricts access to your computer or threatens to publish some of your personal data unless a ransom is paid.

Phishing is a tactic designed to deceive you into clicking or interacting with a program that will infect your machine with malware or collect your sensitive information.

The past year has shown that cyber risk is increasingly impacting organizations of all sizes, yet many organizations remain unprepared. As cyberattacks increase in frequency and severity, it is more important than ever for companies to take time to understand their cyber risks and have defenses in place to recover from any attacks. 

The SBA also suggests best practices for prevention, outlined below.

Train your employees on the following, as 60% of cyberattack claims are enabled by human error:

• Spotting a phishing email
• Using good browsing practices
• Avoiding suspicious downloads
• Creating strong passwords
• Protecting sensitive customer and vendor information
• Maintaining good cyber hygiene

Use antivirus software and keep it updated. Make sure each of your business’s computers is equipped with antivirus software and antispyware and is updated regularly.

Use strong passwords with: 

• 10 characters or more
• At least one uppercase letter
• At least one lowercase letter
• At least one number
• At least one special character 
• Multifactor authentication (which requires additional information to log in,  e.g., a security code sent to your phone)

The insurance industry is uniquely positioned to fight cybercrime. Insurers have something that others (including most cybersecurity companies) do not: direct financial incentive to protect insured clients and prevent financial loss. Some carriers are willing to provide a cyber assessment for free, including recommendations to increase your cyber risk profile.

We encourage you to understand your risk, implement controls to protect your organization from being a target, and procure cyber insurance.

Please contact Mike Piechnik (Mike.piechnik@pelnik.com) or Ben Baker (Ben.baker@pelnik.com) at Pelnik Insurance for a cyber liability quote or more information.