What can small and medium sized businesses do to reduce their cybersecurity risk?

There are many steps business owners can take to reduce their cyber risks, here are some:

  1. Conduct a cybersecurity risk assessment: Before purchasing cyber insurance, conduct a thorough cybersecurity risk assessment to identify potential vulnerabilities and risks. This will help you determine what kind of coverage you need and the level of risk associated with your business.
  2. Train employees on cybersecurity best practices: One of the biggest threats to cybersecurity is employee negligence or human error. Train employees on cybersecurity best practices such as how to recognize phishing scams, how to create strong passwords, and how to keep their devices secure.
  3. Implement multi-factor authentication (MFA): Multi-factor authentication adds an extra layer of security to your accounts by requiring more than one form of authentication. This can include something you know (such as a password) and something you have (such as a code sent to your phone).
  4. Keep software up to date: Keeping software up to date with the latest security patches and updates can help prevent cyber attacks that exploit known vulnerabilities.
  5. Install antivirus software: Antivirus software can help detect and prevent malware infections, which can lead to data breaches and other cyber incidents.
  6. Use firewalls and secure network configurations: Firewalls and secure network configurations can help prevent unauthorized access to your network and sensitive data.
  7. Back up data regularly: Regular data backups can help you recover from a cyber incident more quickly and minimize the impact on your business.
  8. Limit access to sensitive data: Limit access to sensitive data to only those employees who need it to do their job. This can help prevent accidental or intentional data breaches.

By implementing these cybersecurity measures, small and medium-sized businesses can reduce their risk of a cyber incident and lower their cyber insurance cost. It's important to work with an MSP or other cybersecurity expert to ensure that you are taking the appropriate measures to protect your business.