You’re more vulnerable than you may realize
It may surprise you to learn that even your small, home-based business is at risk of a cyber-attack. While many business owners are aware of the breaches against companies like Target and V Tech that have affected hundreds of thousands of people, some believe that because their business is smaller, they have little to be concerned about. But the fact is that home-based businesses are just as attractive to hackers as big conglomerates—and in some cases, even more so. Here’s a quick run-down of what you need to know about cyber liability:
Your data is easily hacked
If you’re working from home, it’s likely you have a lot of confidential client information stored on your computer hard drive. Personal information, credit card numbers, and tax information are exactly what hackers are looking to breach. While you may think that cyber criminals aren’t interested in what you’re storing, the truth is not only are they interested, but they can access it easily if you have not invested in the proper security. Whether you transition to a cloud-based server or implement security measures that ensure secure data, you will want to make sure that you have a system in place. If a breach does happen, you could find yourself facing a lawsuit by disgruntled customers.
You’re more susceptible to phishing
You’ve read about it; you might have even unknowingly received one, but did you know that your home-based business is a main target for phishing schemes? While large companies have numerous stops in place to block these types of attacks, it’s all too easy for home-based companies to fall for official-looking emails that request account numbers, passwords, and other sensitive information. If you haven’t familiarized yourself with the characteristics of phishing schemes, do it as soon as possible.
Zero-day vulnerabilities exploit small businesses
If you haven’t heard of zero-day vulnerabilities, you’re not alone. This term describes a hole in software programs that the vendor of the program does not know exists. Because you don’t know it’s there, there’s virtually nothing you can do to prevent hackers from infiltrating malware, spyware, or accessing your files. The only real way to avoid an event like this is for the developer of the program to realize the hole has occurred and to issue a patch or update to close it. For a home-based business, a breach like this can be catastrophic unless you’re protected against liability.
You’re not prepared
Many people who work from home give little or no thought to cyber security. It’s the misconception that they aren’t a target that leaves them vulnerable to an attack. Large corporations not only have precautionary measures in place; they’re protected with the right insurance. If you don’t have cyber liability coverage, you stand to lose everything if a contravention does occur.
No matter what business you’re in, if you’re working from home it’s necessary to ensure that your data is protected. Gone are the days where private information remains private. And while you may not be able to completely guard yourself and business, you can make sure you’re protected with the right insurance solution. For more information on cyber liability insurance, give us a call at 305-640-7070 or fill out our quote request form.