Four Ways to Help Protect Your Business From Cyber Crimes

By Sara Splittgerber – Sentry Insurance There are many factors to consider when it comes to protecting your business. One growing concern is cybersecurity. Businesses—especially those in the construction industry—have become popular targets for hackers and scammers. So far in 2023, the global average cost of data breaches is $4.45 million, a 15% increase over the past three years, according to an IBM study. These threats come in different forms. Hackers often use methods like malware attacks, social engineering scams, and password theft, according to IBM. These threats can come from people outside of your organization who wish to gain access to your information—but they can also come from people inside your organization who are looking to take advantage of their position. Given the significant risk associated with cybercrimes, it’s important that you take steps to help protect your business. Here are a few recommendations: Strengthen Protective Systems An important part of protecting your business from cyber threats is having good defensive measures in place. One of the most important things to do is identify sensitive information—like financial information and employee or customer Social Security numbers—and bolster the protective measures around it. This can be done using password protection, firewalls, or encryption. Perform an annual review of information and data collected, processed, and retained to ensure it’s properly protected. If you find sensitive information that’s no longer needed, permanently delete all electronic copies and safely dispose of hardcopies.

Here are a few additional steps you can take:

  • Back up important data on an external hard drive to help protect your organization from a ransomware attack
  • Use two-factor identification
  • Properly dispose of information on old devices and the devices themselves

These steps are important, but it’s not enough just to have systems in place. You need to routinely evaluate them to ensure they’re operating as they should. This can also help you determine if they need to be updated. Working with a security or cyber expert can help ensure your systems are properly maintained. And they can help you select the software and protective measures that are right for you and your business. Train Employees to be Vigilant Hackers will try to gain access to your systems through your employees, which means they’re often your first line of defense. READ FULL ARTICLE >>