October is Cybersecurity Awareness Month
According to a recent Selective survey, only 20% of small businesses carry cyber insurance coverage despite acknowledging increasing concerns about cybersecurity due to pandemic-related remote work. Purchasing a cyber liability policy is an excellent start to help small business owners sleep better at night, but it shouldn’t be the end of the journey. To protect your small business from cyber threats, consider these additional steps:
1. Use a Multi-Faceted Approach to Cybersecurity Take the time to understand where vulnerabilities may exist in your operation. Through cyber risk management tools, you can attend various webinars, execute questionnaires and checklists, and better understand your organization’s data's sensitivity. Do you provide laptops or cellphones to your employees? Those are all potentially open ports for hackers to access. If you use Microsoft Office or Google Workspace, is your two-factor authentication turned on? Multifactor authentication adds another layer of security to your applications and may be considered essential to almost any business operating today.
2. Arm Your Staff with Training & Education If you’ve heard the phrase “the problem exists between the chair and the keyboard,” then you already know the importance of building your staff’s cyber threat knowledge and awareness. Educating your employees to identify phishing scams and other fraudulent requests and how to develop strong passwords might not sound as impactful as creating new firewalls or downloading new software, but the impact can be significant. In fact, human error causes approximately 95% of cyber breaches. Through cyber risk management portals, your employees can improve their cybersecurity awareness, and in turn, better protect the valuable data and operations with which you entrust them with every day.
3. Have a Cyber Response Team in Your Back Pocket A proactive risk management approach to cybersecurity is the best way to protect your business from cyber threats. However, if a cyber event does arise, your insurance carrier, and the experienced personnel it brings, is critical to mitigate against further loss. It’s not always the claim's cost but rather the time associated with managing it that you can’t get back. Having the assistance of a knowledgeable team is imperative if a cyber event arises.
Cracking the cybersecurity code involves having the right cyber crime insurance coverage, the proper preparations, and the right insurance partner. It is essential that small business owners continuously evaluate and assess their risks, while building employee awareness and education around evolving cyber threats. Cybercriminals are continually changing their approaches, requiring the rest of us to keep current our cyber risk management solutions.
HPB Insurance remains working from home for all Associates.
General Email: [email protected]
Main Line: 336.881.3500
We continue to closely follow the daily developments of the COVID-19 pandemic. The health and safety of our clients and associates is our No. 1 priority.
During this challenging time, we are here to support you however we can. Restricting our office is an extraordinary step, but we are in an extraordinary situation. We believe this is the best way for us to continue giving you essential services while taking maximum precautions against the spread of the disease.
Our response team has been mobilized, and we are taking the actions needed to offer that support. Our plans allow us to continue to deliver the service, advice, and partnership our clients expect. Our response plan is built to progress to more serious measures we can consider if this situation escalates. Throughout the crisis, this page will have the latest updates on our response and how it affects our office.
Please also note, Pinnacle Financial Partners provides drive-thru service only at most locations, as recommended by the CDC social distancing guidance. For the latest updates on our response and how it affects our bank offices, visit PNFP.com/Update.