Blog Layout

Protect Your Small Business | Westralian Insurance

Tyler Vogelsberg • Jul 27, 2019

3 Ways to Protect Your Small Business Against Data Theft
Data theft is a big concern for businesses of all sizes. According to a recent report, almost 70 percent of small to medium-sized businesses suffered a cyber attack in the last year. Business owners must never assume that their companies are too small to be attractive targets.

Here are some tips you can use to help reduce the risk of your business becoming a victim of data theft, as well as how to minimise the impact of a potential attack.

1. Work With a Cyber Security Expert

The biggest mistake most small business owners make is trying to manage all of their cybersecurity concerns in-house. This puts a huge amount of pressure on IT employees, who have to try to keep up with the latest cyber threats on top of carrying out their regular duties.

A better approach is to work with a cybersecurity expert to ensure the security of your digital data. IT security consultants spend their professional lives learning about the latest generation of threats to your data and working out how to combat them.

By outsourcing your cybersecurity activities to an IT company that provides cyber consulting, you can reduce the strain on your IT department and increase the protection that your data receives.

2. Invest in Employee Training

For many businesses, employees are the weakest link in data security systems. Cyber criminals have come up with a variety of scams that aim to trick employees into handing over sensitive data. These scams, which are known as phishing, are one of the biggest threats that many small businesses currently face.

One type of phishing that is currently growing rapidly is spear phishing, which involves cyber criminals sending emails to individual employees. These emails appear to come from trusted sources, which can convince some employees to reply and grant access to sensitive data, such as customers' financial details or details of business accounts. Spear phishing currently accounts for 71 percent of targeted attacks.

Software cannot always prevent phishing emails from getting through to employees’ inboxes. Therefore, the only foolproof way to protect against phishing is to train employees to spot the scams and report them to their manager. To stay safe, businesses must offer regular training sessions to employees to equip them with the skills they need to spot the latest scams.

3. Purchase Cyber Insurance for Your Business

There is no way to guarantee that your small business will not be a victim of a cyber attack. From ransomware to spear phishing, the threats to your data are growing all the time. The danger is only likely to increase, as cyber criminals invent new ways to steal data.

You can’t guarantee your business won’t experience data theft, so you should have a good cyber insurance policy in place.

When shopping for cyber insurance, be sure to work with a reputable insurance broker. Choose a local business that is easy to contact in the event of a data breach, and select an insurance broker that allows you to speak to a human, rather than forcing you to deal with an automated phone system. This will help to take the hassle out of starting a claim for data theft, which can be a stressful situation to handle.

If you are looking for cyber insurance in Western Australia, get in touch with Westralian Insurance today. With specialist knowledge of Australian law, we can help ensure that a cyber attack does not irrevocably damage your small business. Contact Westralian Insurance today, and learn about the features, benefits, costs and exclusions of our cyber insurance policies. We look forward to speaking with you.

< Older Post Newer Post >

Insurance Options When You Want to Upgrade Your Business Machines

By websitebuilder • 20 Sep, 2022

Machines may face several risks, and you should consider contingency measures to prevent any loss of your valuable assets. Learn more about available insurance options.

Critical Business Insurance for Your Auto Repair Shop

By websitebuilder • 13 Jul, 2022

Insurance protects your business in the event of a liability claim or property damage. Read on to discover three essential insurance covers for your auto shop.

Are you thinking about becoming a sole trader? Do you know which insurance options you'll likely need?

By websitebuilder • 29 Mar, 2022

Be sure that you invest in the right insurance. Read on to discover some of the most common insurance types you should invest in as a sole trader.

Terms, conditions, limits and exclusions apply to the products referred to above. The information provided here is general advice only and has been prepared without taking into account your objectives, financial situation or needs. You should consider these, having regard to the appropriateness of this advice, and the relevant Product Disclosure Statement, available by calling us on (08) 9302 1388, before deciding to acquire, or to continue to hold, this product.