Welcome to the 21^st century! Here, the technology makes our lives a little easier, especially for business owners like you. You can store client information without having to collect stacks and stacks of paper. You can manage important company records without file cabinets stuffed in every open space of your office. You can access all of your important information any time you need it.

With the new opportunities provided by technology, also comes new risks. When businesses strictly ran on paper, we had to worry about fires or theft causing loss of information. Now, we have to worry about data breaches and hackers.

Whether we like it or not, it’s safe to say that this change isn’t going anywhere. We all have to be adaptable to the changing times, make adjustments where necessary, and stay relevant. This includes your business insurance coverage! That’s why we offer Data Compromise Coverage at Pekin Insurance.

Data compromise coverage helps cover your business for expenses related to a data breach, such as legal fees and credit monitoring services for affected customers.

We know that big companies often make headlines when there is a data breach and you may think your small business wouldn‘t be a target. This couldn’t be further from the truth! In fact, 61% of data breaches directly affect small businesses.

A few of the major ways cyber-criminals attack small businesses is through email phishing scams, phone vishing attacks, and social media.

Phishing vs Vishing Scams

Phishing is a type of scam in which the cyber-criminal tries to collect data using email. The hacker will send what seems like an inconspicuous email, encouraging someone to click on a link, and once they click, the hacker is in. They can collect any secure information that may have been sent through email.

Vishing, however, is done over the phone. It’s those random, fraudulent calls you may get. The cyber-criminals collect secure information by posing as a person or entity that requires it, like a bank.

Don’t worry! These types of cyber-attacks are easily avoidable. If you receive an email from someone you don’t know or weren’t expecting, do not click any links. If you receive a phone call from someone you don’t know and they are requesting personal information or secure information about your business, always err on the side of caution by having them confirm their identity. If you still feel uncomfortable, hang up and call the direct number for whatever entity they are claiming to be.

If you have employees who work for you, make sure they are aware of potential phishing/vishing attacks and teach them how to avoid them. Click here for more ways to educate your employees on the importance of cybersecurity.

Social Media Attacks

Check out our full blog about how to manage social media security risks specifically.

Before all of that…

Before all of that even happens, make sure your business is covered in these situations. A basic business insurance policy will cover the basics, but modern technology requires modern insurance policies! Reach out to your local Pekin Insurance Agent for more information on Data Compromise Coverage for your business! Click here to find an agent near you.