The Most Important Guide To Protect Against Cyber Crime

In today’s digital age, more than 90% of all business dealings are done online.

13:46 17 April 2020

Tech has made room for incredible opportunity and advances but it also has made way for cyber threats. In this piece, we will be providing a few tips that will help you protect your small business from cyber-attacks.

Tip #1: Prevention

The experts in cybersecurity all agree that prevention is the best way to protect yourself against cyber predators. The best ways to prevent cyber attacks is protecting identity and your customers’ personal details. Follow these guidelines:

• Use the latest and most up-to-date cybersecurity
  
  
• Every ID and password should have multiple layers of protection
  
  
• Prevent your customers from providing any private details over the web
  
  
• Never interact with Phishing scams
  
  

Passwords are especially important. Most people use the same password in multiple formats. Unfortunately, that means that that personal identity can be hacked and usurped easily for various thefts and crimes.

Tip #2: Get Insurance

Many businesses are not aware that they can and should take advantage of cybersecurity insurance. Overseas especially, more and more businesses are looking into cyber insurance in Hong Kong. With data protection crimes costing companies millions of dollars. Luckily, Trusted Union and other insurance companies are providing much-needed protection against cybercrimes. If you are looking for a cyber insurance company in Hong Kong visit this site.

Cyber Insurance Hong Kong can protect small businesses in a variety of ways. First and foremost, businesses are targeted for Ransomware. Cyber attacks can enter into your databases and hold it hostage to gauge your company for ransom.

To protect your company, get an insurance policy that covers all of the following:

1. Covers the cost of any breach
   
   
2. Helps with losses as a result of business interruption
   
   
3. First-party coverage - extortion, data recovery and network liability
   
   

Let’s quickly delve into each of these.

When a company is hacked, the costs mount up right away. Legal fees, PR damages, and monitoring can cost a company everything. A good insurance policy will protect your company and employees from cyber attacks expenses

The second layer of protection covers extortion and recovery as well as data and network liability. Finally, when legislation is taking place, a good cyber insurance Hong Kong package will cover defence penalties and media and payment liability.

Tip #3: Know Your Rights

As a business, you should know your rights and what is and cannot be covered. Although cyber insurance can help you through many of the financial and legal issues there is something insurance cannot cover.

First, if you choose to not enforce security standards coverage will have a hard time getting insurance. This also means that unlike other insurance policies, cyber insurance does not cover past security breaches. If your employees use laptops you won’t have protection as well.

Take Away

Cybercrimes happen all the time and small businesses are a specific target for criminal hackers. Like all things, prevention is the best form of protection, making sure you have insurance to protect yourselves and your customers you can avoid huge legal costs. Make sure you understand what cyber insurance Hong Kong covers and what it does not.