Why You Need a Cyber Security Assessment – Now

As a small or midsized business, did you know you’re not only targets of cybercrime alongside larger companies…but you are cyberattackers’ main target, according to the SEC?

It’s true – most of all cyber-attacks are against businesses like yours, and as a result, an estimated half of them are forced to go out of business within six months due to lack of data security. Even the Target breach of 2013 was thought to be done by penetrating a system of smaller companies Target used for heating and air conditioning services.

Cyberthreats are real, serious and growing, and it’s time for businesses of all sizes to take responsibility, and sooner, rather than later. Here’s why:
Covering the Basics is Critical, But No Longer Sufficient Most companies will be savvy enough to take basic security steps like installing anti-­virus and anti‐malware software on computers, securing Wi-­‐Fi networks, taking care to implement ultra-­secure password protocols, etc. (if you don’t have these in place, consider reviewing the basics here). While these steps are important both for protection and for insurance coverage eligibility, it’s not likely adequate for protection against today’s sophisticated cyberthieves.

Insurance Plans are Excluding Cyber Risks

In swift reaction to the growing commonality of cyber security breaches with businesses of all sizes, insurance companies have recognized the high cost of protecting data, and the complexity of its valuation, and have begun excluding cyber risks from their coverage plans. There may be holes in your coverage that you need to know about. As traditional insurance moves away from protection against
cyber risks, more specialized insurance products are popping up to provide coverage for losses associated with a data attack. These cybersecurity insurance firms will want to see you taking some preventative actions to secure data. If they see you’re doing your part, you’re more likely to get covered.

Expert Talent and Resources Will be in Demand

Staff and consulting firms are now challenged more than ever to be nimble and stay on top of leading edge trends to operate at the highest level possible in the interest of data security. The fast moving industry will leave many IT teams in the dust, so it’s smart to start empowering existing assets to continue learning, hire new talent to meet the need, and/or look for a reputable firm to offer state of the art solutions and support.

Cybersecurity as a Competitive Advantage and C level Priority

Experts believe that in the next three years, senior leadership will begin seeing cybersecurity as not just a necessary business cost, but a true competitive advantage, according to a 2015 Global Megatrends in Cybersecurity report. More than half will also see it as a strategic priority. And while roughly 1 in 5 businesses engage their board of directors on the subject today, three years from now, that number
jumps to 66%.

Lastly…It Matters to Your Stakeholders

Your business isn’t the only one affected by your data security decisions. Since compromised devices and networks tend to compromise other devices and networks, your risk puts your customers, vendors, advisers, affiliates and anyone else you meet at risk as well. Not to mention your reputation. You don’t want to be that small heating and air conditioning company that possibly put Target at risk for its breach.

The smartest, and most effective approach to identify weak spots, address network vulnerabilities and security architectures, ensure early breach detection and ultimately combat cybercrime is to work with an outside expert through a formal cybersecurity assessment. This will ensure you’re addressing the most critical areas of your business and could include an enterprise-­‐wide analysis of risk, business continuity, implementation, planning and policy development. The result would be a comprehensive but clear and understandable security plan. Learn more about getting started with your assessment by giving us a call.

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