October is Cybersecurity Awareness Month, a good reminder that businesses of every size face cyber risks.

A cyber incident doesn’t always begin with a sophisticated attack. It can start with something as simple as an employee clicking a suspicious link, using a compromised password, or putting off a software update.

While no business can eliminate every cyber risk, a few practical steps can help strengthen your cybersecurity.

1. Use Strong, Unique Passwords

Strong passwords are one of the simplest ways to protect your accounts.

Use long, unique passwords for each account rather than reusing the same password across multiple systems. A password manager can also help you create and securely manage passwords.

2. Turn On Multifactor Authentication

Multifactor authentication, or MFA, adds another layer of protection when signing into an account.

Even if a password is compromised, MFA can make it more difficult for someone to gain unauthorized access. Consider enabling MFA for email, financial accounts, cloud services, and other important business systems.

3. Think Before You Click

Phishing remains a common way for cybercriminals to gain access to sensitive information and business systems.

Encourage employees to be cautious with unexpected emails, links, attachments, and requests for sensitive information. If something doesn’t look right, verify the request through another trusted method before responding or clicking.

4. Keep Your Software Updated

Software updates often include important security fixes.

Keep operating systems, applications, web browsers, and security software current. Enabling automatic updates when available can help make sure critical updates aren’t overlooked.

What If Something Still Goes Wrong?

Strong cybersecurity practices can reduce your risk, but they can’t prevent every cyber incident.

That’s where cyber insurance can become an important part of your overall risk management plan.

Depending on the policy and incident, cyber insurance may help with expenses related to:

• Data breaches and customer notification
• Ransomware and cyber extortion
• Data recovery
• Business interruption
• Legal and regulatory expenses
• Cyber incident response and recovery specialists

Cyber coverage can also provide access to experienced professionals who can help your business respond when every minute matters.

Is Your Business Prepared?

Cybersecurity Awareness Month is a good opportunity to review both your cybersecurity practices and your insurance protection.

If you don’t currently have cyber insurance, or you’re unsure whether your existing coverage provides enough protection, Professional Insurance Programs can help.

Contact us to discuss your business’s cyber risks and available coverage options. We can be reached at 800-637-4676 or info@mypip.org.