If cybercriminals can penetrate a multinational corporation, what chance does a smaller enterprise have? Happily, combining these small business cybersecurity tips with your cyber liability insurance can go a long way towards warding off predators.
Understand Your Threat Model
Surprisingly few businesses — large or small — take the time to map their cyber threat model. Three elements matter in this effort:
- Threat Magnitude: Does this vulnerability threaten the viability of your business?
- Cost: What are the one-time and ongoing expenses to deal with the threat?
- Time: How many hours will your team need to spend on risk reduction?
As you build your threat model, your insurance agent can help you assess the high-probability threats in your business sector. Once in place, this model enables you to realistically prioritize your cybersecurity efforts in line with your budget and your team’s time demands.
Move On Your Priorities
Many businesses that build a threat model begin with these steps:
- Backup Strategies: More and more companies thwart ransomware schemes with multilayered backups.
- Company-Issued Mobile Devices: Issuing team members a securely configured smartphone trumps the many vulnerabilities of personal devices.
- Enhanced Encryption: Zero-knowledge cloud storage keeps the keys to your data exclusively with your business.
Cybersecurity is an ongoing battle, but a clear-headed strategy can keep your business one step ahead of the cyber crooks.