How Does My Business Guard Against Hacking?

Whether you are running a small or large company, attacks from hackers can have a devastating effect on your business.

Severe attacks may result in loss of important information, productivity, revenue and even client base, and they can also undermine the reputation of your company. Hackers are using more and more sophisticated methods to attack businesses and other organizations, and there is no sure way to stop them.

However, there are a number of things you can do to protect your company against a cyber attack.

Train Your Employees to Safeguard Against Hacking

It is important that you instill the habit of safeguarding company information in all your employees.

Some of the measures they can take to protect information include locking up client records, creating strong passwords and keeping passwords confidential. You should also teach your employees how to deal with data breaches.

Protect Your Network

You can protect your network by using the right antivirus and firewall programs and keeping your security patches up-to-date.

Also, make sure your browser, email and software programs have to the right security settings, and choose the most appropriate system options.

 Monitor Wi-Fi Access

Hackers can easily access information that is transmitted via public Wi-Fi.

As such, you have to set rules regarding the use of Wi-Fi. Instruct your employees not to use public Wi-Fi to access or transmit information that should be kept confidential, such as credit card numbers, client details and company information.

Create an Emergency Plan

It is essential to have an emergency plan, so that your employees will know exactly what to do when your company is attacked by hackers.

The plan should include precise instructions such as who will try to resolve the data breach and who will notify the insurance company. If your employees are well-prepared, they can deal with a breach without compromising operational efficiency.

 Obtain Insurance Coverage

Getting insurance coverage for cyber attacks is an effective way to protect your company against hacking.

A cyber attack policy provides reimbursement for the costs of remediation, litigation and forensic investigation. It may also cover losses due to business interruption, cyber extortion, crisis management and regulatory defense.

It is also a good idea to get liability coverage, which enables you to claim compensation for the reimbursements you pay to customers and other people who have their information stolen because of a breach.

The Potential Financial Costs of Being Hacked

The financial costs of being hacked can vary greatly, depending on the severity of the attack, the revenue of the company and other factors.

According to a report, a single hack attack could cost online businesses anywhere between $600,000 and $7 million a day in 2011. Google suffered a loss of $500,000 after being hacked in 2005, and Sony lost $170 million after its PlayStation was hacked in 2011.

 Cyber attacks are becoming more common these days, and you never know when you may get hit.

Following the tips above can help you avoid serious financial losses and other adverse effects of hacking.