Dangerous Lack of Cybersecurity in Small Businesses
At PEO Compass, we are no strangers to the multitude of risks small business owners face, with cyber concerns becoming more salient by the day. According to a recent article from Insurance Journal, there exist significant gaps in the present small business environment.
Per the article, “While over half (53%) of small businesses responding to the survey said they have either a standalone cyber insurance policy or coverage through another policy, preventative measures and training to avert attacks lag. Two out of five (43%) businesses surveyed don’t have network-based firewalls, and 41% surveyed do not use data backup recovery and restoration systems.”
Simple steps toward protection as mentioned above are critical in both avoidance and response to catastrophic cyber attacks. A mix of both prevention and policy creates the strongest possible line of defense for small business owners.
Further, “when it comes to cyber expertise, 63% of small businesses in the U.S. were considered “intermediates” when it comes to cyber prevention measures, and only 4% were considered cyber “experts.”” Cyber risk was not as prevalent even a few years ago, and it is understandable that proprietors may initially be oblivious or worried about spending more on already tight margins. No business can ever be 100% risk free, but the advantages of taking preventative action often don’t show themselves until times of crisis.
To inquire about your business’s cyber profile or the opportunity for additional coverage, contact the PEO Compass contributors at Libertate Insurance Services, LLC and RiskMD.
Author: Paul Hughes
Join the Conversation on Linkedin | About PEO Compass
The PEO Compass is a friendly convergence of professionals and friends in the PEO industry sharing insights, ideas and intelligence to make us all better.
All writers specialize in Professional Employer Organization (PEO) business services such as Workers Compensation, Mergers & Acquisitions, Data Management, Employment Practices Liability (EPLI), Cyber Liability Insurance, Health Insurance, Occupational Accident Insurance, Business Insurance, Client Company, Casualty Insurance, Disability Insurance and more.
To contact a PEO expert, please visit Libertate Insurance Services, LLC and RiskMD.