Cyberattacks pose a serious threat to businesses of all industries and sizes. According to IBM’s report, the average cost of a data breach in 2020 was $3.86 million, and the average time to identify and contain a breach was 280 days. Cyberattacks can damage your reputation, disrupt your operations, expose your sensitive information, and result in legal liabilities and regulatory fines.

Fortunately, there are steps you can take to protect your business from cyberattacks and minimize their impact if they do occur. Here are some tips from BearStar Insurance Services, a trusted insurance provider for home, business, and commercial needs in Irvine, California.

1. Educate your employees: Your employees are the first line of defense against cyberattacks, but they can also be the weakest link if they are unaware of the risks and best practices. Train your employees on how to recognize and avoid phishing emails, malicious links, and suspicious attachments. Teach them how to create strong passwords, use multi-factor authentication, and update their software regularly. Establish clear policies and procedures for reporting and responding to incidents.
2. Secure your network: Your network is the gateway to your data and systems, so you need to protect it from unauthorized access and intrusion. Use firewalls, antivirus software, encryption, and VPNs to safeguard your network from external threats. Monitor your network activity and traffic for any signs of compromise or abnormality. Segment your network into different zones based on the level of sensitivity and access required.
3. Backup your data: Data is one of your most valuable assets, and losing it can have devastating consequences for your business. Backup your data regularly and store it in a secure location, preferably off-site or in the cloud. Test your backups periodically to ensure they are working properly and can be restored quickly in case of a disaster.
4. Implement a disaster recovery plan: A disaster recovery plan outlines how your business will resume operations after a cyberattack or any other disruptive event. It should include roles and responsibilities, communication channels, recovery objectives, and contingency measures. A disaster recovery plan can help you minimize downtime, reduce losses, and restore normalcy as soon as possible.
5. Get cyber liability insurance coverage: Cyber liability insurance covers the costs associated with a cyberattack or data breach. It can help you pay for expenses such as notification costs, credit monitoring services, legal fees, fines and penalties, ransomware payments, and business interruption losses. Cyber liability insurance can also provide you with access to experts and resources to help you manage the crisis and recover from the damage.

Cyberattacks are inevitable in today’s digital world, but they don’t have to ruin your business. By following these tips, you can enhance your cybersecurity posture and resilience. If you need more advice or assistance on how to protect your business from cyberattacks or are looking for cyber security insurance in Irvine, contact BearStar Insurance Services today. We are among the top cyber insurance companies in Irvine, California, offering innovative insurance solutions for modern businesses.

We work with some of the best carriers in the industry to provide you with custom-fitted, comprehensive coverage at the best possible price. We value the relationships we build with our clients; fill out this form to get started with your cyber liability insurance application or call us today at 949-979-5251 to speak with your local agent.