Home / Business Insurance / Biggest Threats to Your Business’s Bottom Line

Biggest Threats to Your Business’s Bottom Line

Biggest Threats to Your Business’s Bottom Line

Threats to business security continue to rise, making coverage that more important.

With the rise of technology comes the rise of risks. In this digital age, we are more connected than ever. While this can help businesses in a multitude of different ways, there are some risks that should be considered. Digital threats are ever-present. Believe it or not, but small businesses are also at risk of falling victim to a hacking or digital sabotage.

In order to begin development of a cyber security plan, you must understand the Internet threats and how protecting your business from those threats directly affects your bottom-line. Check out the top five threats (and how to prevent them!):

  1. Malicious Code: Disastrous to each company who has an online presence and code generators.
    Prevent: Install and use anti-virus programs, anti-spyware programs, and firewalls on all computers.
  1. Stolen Laptops/Devices: Each company computer stores a plethora of sensitive information.
    Prevent:Always protect your customers’ data when transporting it anywhere on a portable device by encrypting all data that resides in it.
  2. Phishing:Spam and phishing emails can download bugs onto devices as well as allowing hackers to directly enter all files.
    Prevent: Instruct all employees to contact their manager on every suspicious-looking email. Train them to spot these emails before ever opening them.
  3. Unsecured Wireless Internet Networks:‘Free’ Wi-Fi is secured by the lowest form of encryption, allowing people to access your files and passwords.
    Prevent: When setting up a wireless network, make sure the default password is changed and encrypt your wireless network. In addition, never use the ‘free’ Wi-Fi around coffee shops and malls.
  4. Disgruntled Employee Threat:A bitter, former employee could lash out at your company by releasing sensitive information, as well as changing passwords, and deleting critical information.
    Prevent: Divide critical functions and responsibilities among employees within the organization, limiting the likelihood of one employee shutting down the whole company. Each time a member of staff leaves, on good or bad terms, change all passwords and passcodes.

To prevent the possibility of your company’s bottom line suffering, be sure to put these prevention tips into place. In addition, safeguard your business, should it fall victim to such attacks with reliable Cyber Liability Insurance. Contact the professionals at Humble & Davenport Insurance, serving Renton and neighboring cities of Washington.