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Small businesses must protect themselves from cybercrime

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With cybercriminals continuing to find new ways to attack the software implemented by small business owners, more insurance protection is needed, reported the Washington Post.

It is becoming increasingly important for CIOs to make sure they have cyberliability insurance to protect from hackers. Speaking to the Post, data risk management expert Matt Cullina provided some tips as to what small business owners need to know about protection. He said CIOs and small business owners should not assume their existing business insurance coverage applies to that losses that could result from cybercrimes.

"Most small business packages don’t cover data breaches or really anything data related,” Cullina told the paper. "Many have an exclusion called the ‘intangible property exclusion,’ which basically says data is intangible."

Cullina told the paper small business owners should consider whether or not their data is already protected, what type of professional liability insurance coverage the firm needs, given the specific industry.

A blog post from Reuters also shared some ideas on how small businesses can protect themselves from cybercrime, which included training employees on what a phishing email looks like, so they will know to not open it when they see it.

Having a clear security policy is another way to protect from cybercrime, said the blog.

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