How SMEs can protect themselves from cyber risks

As modern technology interacts across multiple environments, we will always be faced with changes which could potentially expose us to unknown risk. However, there are five simple measures that SMEs can take to create their own cyber risk program and limit their exposure and ensure they are not “too small to fail”.

Develop and enforce a strong password policy

One of the easiest ways for cyber criminals to access SME assets is by walking through the virtual “open door” that employees provide when using weak passwords. To correct that situation, it is a good idea for SMEs to establish a written password policy requiring strong passwords (e.g., a mix of letters, numbers, and symbols) that are frequently changed. Passwords should also be changed automatically, or accounts marked inactive when employees leave the company.

Conduct regular training about cybersecurity vigilance

SMEs should inform employees of the role they play in preventing a cyber breach. It is all too easy for malicious software to hitch a ride into the company's server when company laptops or other devices are used offsite and later connected to the internal network. The best way to establish positive and secure habits within the company’s workforce is with regularly scheduled training and education. It should also restrict access to sensitive information by only allowing management or those who require that information for company operations, to have access.

Update IT equipment and deploy security software

Outdated operating systems and computers can be a risk as they are vulnerable to more sophisticated hacking techniques and newer forms of malware. At the same time, it is important for SMEs to monitor those who have legitimate access to their computer network, as well as to monitor the network itself. Although SMEs do not typically have information security experts within their organisation, they can access basic downloadable software that deploy some of the same technology solutions used by major companies within minutes.

Create a Cyber Incident Response Plan

Establish a dedicated and prepared team of cyber incident responders consisting of both employees and outside service providers who can work toward a resolution for certain incidents quickly.

Purchase Cyber Insurance

SMEs can more fully protect their assets and cash flow by purchasing cyber insurance. The cost of insurance will always be far less than the cost of shutting down a business in the wake of one or more cyber attacks.

Find out more about Chubb Cyber Insurance here >