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5 Lessons Business Owners Can Learn from the South Carolina Cyber Attack

This week the South Carolina Department of Revenue learned a difficult lesson about cyber-attack and data breech. Learn 5 ways that you can protect your small business against the cost of cyber-attack and why cyber liability insurance is a worthwhile purc

Saturday, January 11, 2014/Categories: cloud-insurance

Today, South Carolina Department of Revenue officials learned the problems that can arise from underestimating the impact one small mistake can make on a government computer system.

It only took one email to cause what experts conjecture as the largest ever cyber-attack against a state government. The hackers now have access to an estimated 1.9 million Social Security Numbers and nearly 700,000 business tax returns, among other information.

As result, a growing number of small business owners are realizing that their companies, customers, and clients risk being exposed to a similar cyber-attack. Should a small business suffer such a data breech, the ensuing results could be devastating to the survival of a small business. Symantec reports that 60 percent of small businesses close their doors with in six months of an attack, with nearly 40 percent of small businesses being the target of cyber-attack.

Here are 5 Lessons that can be learned from South Carolina's Cyber Attack:

  1. Don't underestimate the repercussive impacts of a small mistake - the opening of one contaminated link gave the hackers access to an array of information
  2. Have the most up to date firewall and anti-virus protection - small businesses are vulnerable to cyber-attack through phishing email, insecure mobile devices, and security patches
  3. Establish IT guidelines for your small business - clearly outline policies for yourself and your employees regarding the usage and management of passwords and client information
  4. Notify impacted parties immediately - in the event that a cyber-attack does occur, establish an efficient method for notifying the effected parties of the breech and the defensive strategies they should take to protect their information.
  5. Get protection for your small business - business insurance policies such as cyber liability insurance, general liability insurance, and professional liability coverage protects small businesses from suffering the devastating financial losses associated with a cyber-attack or security breech

The only way that small business owners can weather a cyber-attack and keep their companies operational, is with cyber liability protection. Insureon's cyber liability insurance offering helps off-set the costs that business owners may incur with a cyber-attack; such as credit monitoring, litigation and government fines, as well as loss or disruption of business costs.

Read on about the South Carolina Cyber-Attack on NBC News.

Learn more about Cyber Liability Insurance.

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