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Woman experiencing a cyber security breach - Blue Lion Insurance Advisors

Cyber Security Insurance NJ for Small Businesses

Here’s why you need cyber security insurance NJ. Because high-profile cyber attacks on companies such as Target and Sears have raised awareness of the growing threat of cyber crime. During recent surveys conducted by Symantec’s Kaspersky Lab and the National Cyber security Alliance suggest that many small business owners are operating under a false sense of cyber security.

The statistics of these studies are grim. In other words, the majority of U.S. small businesses lack a formal internet security policy for employees.  So only about half have even rudimentary cyber security measures in place. Furthermore, only about a quarter of small business owners have had an outside party test their computer systems to ensure they are hacker proof.  Almost 40 percent do not have their data backed up in more than one location.

Don’t Equate Small with Safe.  Your Data is at Risk at All Times

Despite significant cyber security exposures, 85 percent of small business owners believe their company is safe from hackers, viruses, malware or a data breach. In short, this is largely due to the widespread belief that small businesses are unlikely targets for cyber attacks. Therefore, data thieves are simply looking for the path of least resistance. Even more, Symantec’s study found that 43 percent of attacks are against organizations with fewer than 250 employees.

Outside sources like hackers aren’t the only way your company can be attacked. Often, smaller companies have a family-like atmosphere and put too much trust in their employees. This can lead to complacency. This means that a disgruntled or recently fired employee could execute an attack on the business.

A Data Breach Could Destroy Your Business.  Is Your Business Protected?

As large companies continue to get serious about data security, small businesses are becoming increasingly attractive targets. So the results are often devastating for small business owners.

According to a 2017 study by the Ponemon Institute, the average annual cost of cyber attacks for small and medium-sized businesses was over $2.2 million. Most small businesses don’t have that kind of money lying around.  As a result, nearly 60 percent of the small businesses victimized by a cyber attack close permanently within six months of the attack. Many of these businesses put off making necessary improvements to their cyber security protocols until it was too late because they feared the costs would be prohibitive.

10 Ways to Prevent Cyber Attacks

You should bring in an outside expert to test your computer systems and make security recommendations.  Here are simple, economical steps you can take to reduce your risk of falling victim to a costly cyber attack:

    1. Train employees in cyber security principles
    2. Install, use and regularly update antivirus and anti-spyware software on every computer used in your business
    3. Use a firewall for your internet connection
    4. Download and install software updates for your operating systems and applications as they become available
    5. Make backup copies of important business data and information
    6. Control physical access to your computers and network components
    7. Secure your Wi-Fi networks. If you have a Wi-Fi network for your workplace make sure it is secure and hidden
    8. Require individual user accounts for each employee
    9. Limit employee access to data and information.  Also, limit authority to install software
    10. Importantly, require that passwords are strong and must be changed regularly

Furthermore, the Federal Communications Commission (FCC) provides a tool for small businesses that can create and save a custom cyber security plan for your company.  Simply choose from a menu of expert advice to address your specific business needs and concerns. It can be found at www.fcc.gov/cyberplanner.

Your Emerging Technology Partner

Finally, a data breach could cripple your small business, costing you thousands or millions of dollars in lost sales and/or damages. So contact Blue Lion Insurance Advisors, LLC today. We have the tools necessary to ensure you have the proper coverage to protect your company against losses from cyber attacks.

The next step is easy!

Call us today at (732) 649-1600 to learn how our advisors could get you the best Cyber Liability Insurance coverage, at the right price, and superior service.  You can also  Request A FREE Cyber Insurance Quote on our site or Contact an advisor for more information.