Expert Cybersecurity Practices

Commercial

Nov 8

How to Protect Your Business from Cyber Threats

In an era where nearly every business relies on digital infrastructure, cybersecurity has become a critical element of risk management. Whether you're a small business owner or managing a large enterprise, ignoring cyber threats is no longer an option. At Moriarty Insurance Inc., we understand that protecting your business isn’t just about having the right coverage—it’s about implementing the right practices to minimize risks before they happen.

Here’s a closer look at cybersecurity strategies that go beyond common sense to help protect your business from ever-evolving threats.

The Hidden Risks of Modern Cyber Threats

Many business owners think of cyber threats as distant problems—something that only happens to large corporations. But small- to mid-sized businesses (SMBs) are increasingly becoming targets for cyberattacks. Why?

SMBs are perceived as “low-hanging fruit.” Hackers know smaller businesses often lack sophisticated security systems, making them easier targets.
Supply chain vulnerabilities. Even if your business is secure, a breach in one of your vendors or suppliers could expose your data.
Rising ransomware costs. The average ransomware payment is now over $100,000, but the cost of downtime and recovery can far exceed that amount.

This is why proactive security measures are more critical than ever.

Advanced Cybersecurity Practices to Protect Your Business

1. Multi-Factor Authentication Isn’t Just for Emails

Most people are familiar with enabling multi-factor authentication (MFA) for email accounts, but businesses should expand this practice to:

Cloud storage platforms (e.g., Google Drive, Dropbox).
Customer relationship management (CRM) systems.
Remote desktop access and employee portals.
MFA makes it exponentially harder for hackers to gain access, even if passwords are compromised.

2. Conduct a Cyber Risk Assessment

Many businesses don’t fully understand their vulnerabilities until they conduct a comprehensive cyber risk assessment. This process evaluates:

What data your business stores (and how sensitive it is).
Where data is most at risk (e.g., mobile devices, third-party vendors).
Current gaps in your security measures.

Once you know where the risks are, you can create a targeted action plan to address them.

3. Layered Security is the New Standard

Cybersecurity experts recommend a multi-layered approach to protect your systems. Beyond firewalls and anti-virus software, consider:

Endpoint Detection and Response (EDR): Proactively monitors devices for suspicious activity.
Intrusion Prevention Systems (IPS): Blocks malicious traffic before it can enter your network.
Data Loss Prevention (DLP): Detects and prevents the unauthorized transfer of sensitive data.

4. Keep Up with Zero-Day Threats

Hackers often exploit “zero-day vulnerabilities”—security gaps that software developers haven’t patched yet. Businesses need to:

Partner with cybersecurity firms that provide real-time threat intelligence.
Ensure your IT team monitors updates and patches daily, not weekly.

5. Limit Access with Zero-Trust Policies

Adopting a zero-trust security model means verifying every access request, even from within your organization.

Role-Based Access Control (RBAC): Employees only access the systems or data necessary for their role.
Micro-Segmentation: Breaks your network into secure zones, minimizing the damage if one area is breached.

6. Cybersecurity Awareness Training: Beyond Basics

Employee training is essential, but it needs to go beyond avoiding phishing emails.

Simulated Phishing Tests: Regularly test employees with mock phishing attempts to reinforce learning.
Device Security: Train employees on securing personal devices if they access company systems remotely.
Incident Reporting: Ensure every employee knows how to report suspicious activity without hesitation.

7. Plan for the Worst: Incident Response Plans

Every business needs a detailed incident response plan in place. This includes:

A step-by-step guide for containing a breach.
Contact information for IT, legal, and insurance providers.
A communication plan to notify affected parties while complying with state and federal regulations.

8. Cyber Liability Insurance: Your Safety Net

Even with the best practices, no business is immune to cyberattacks. Cyber liability insurance protects your company from the financial fallout of:

Data breaches and lawsuits.
Ransomware recovery costs.
Business interruption due to cyberattacks.

Let’s Safeguard Your Business

In today’s connected world, cybersecurity isn’t a luxury—it’s a necessity. At Moriarty Insurance Inc., we’re here to help you navigate the complexities of cyber risk and ensure your business is protected, both digitally and financially.

Lesley Santos