SAFEGUARDS

Growing BusinessSAFEGUARDS

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  • Risk Management for Small Technology, Web and IT Companies

    Game Plan

    In-Depth

    Cyber Security and Data Breach

    Much of your business literally lives on computer drives, websites, and cloud servers, making the protection of that data critical to your firm’s survival and for maintaining the privacy and trust of customers.

    The U.S. Federal Trade Commission will hold your company accountable for protecting customer information you collect online, even if a vendor or partner is the one who loses control of it.

    Mitigation Measures

    • Maintain computer and network protection procedures as though unauthorized users are accessing your IT environment on a daily basis. Test regularly for intrusions. Train employees on how to avoid becoming a victim of malware and phishing scams, and inadvertently opening digital doors for cyber thieves.
    • Follow best practices for creating strong passwords. Consider using a password management program to generate and store passwords. According to the Verizon RISK Team 2012 Data Breach Investigations Report, about three-quarters of network and computer intrusions by hackers were due to weak passwords.
    • Encrypt data stored on mobile devices, such as laptops and flash drives, which are more prone to theft.
    • Back-up data daily.
    • Get insurance. At a minimum, it is prudent for any small business to have a Business Owner’s Policy. However, because there are unique risks that come with running a data-driven business, tech professionals would be wise to consider additional coverages, such as insurance solutions for data breach and data loss protection. This Coverage Identifier can help you learn about the types of insurance tech professionals typically use to protect their businesses.