We all know what “getting hacked” is, but did you know cyber exposures are the #1 risk impacting businesses today in all industries? More importantly, small businesses are impacted the most. Why? Because small businesses don’t have IT security and infrastructures like large firms and thus, are much easier to hack. Going after a small business is like fishing in a barrel for hackers and unfortunately, a cyber attack can have devastating consequences for a small business.
58% of all cyber breaches impact small businesses
$25K is average small biz cyber claim with 279 days average recovery time
60% of small businesses close within 6 months of being hacked
As an association that promotes youth and junior volleyball, the JVA’s website, member portal, blog, store, email, and general internet usage are a big part of running its business and opens it up to a host of cyber threats. Recently, JVA leadership learned more about the cyber risks that impact small businesses and the controls and security measures they can put in place to help mitigate their exposures.
“It was eye opening to learn the extent these criminals will go to gain access to your systems and how manipulative they are when it comes to malware, phishing emails, and texts,” said Jenny Hahn, JVA executive director. “Now we are focused on better IT hygiene practices like multi-factored authentication, password policies and management, phishing email identification, good internet browsing protocols, and protecting our data through employee training and education. Plus, we added cyber insurance to our insurance program, just in case!”
The JVA feels so strongly about this important topic, they want to make this information available to its members. Therefore, World is partnering with the JVA to publish a 12-month article series with supporting content such as videos, infographics, scorecard tests, and checklists that will help you understand cyber risks and exposures at a deeper level, and how to implement safety measures to protect your businesses and families.
This month, we have included the short video below, “Cyber Attacks 101: 6 threats every business should be aware of,” that explains techniques hackers use and practical measures to mitigate them.
In addition, we will touch on the nuances of cyber insurance to give you a better understanding of why it is important, how it works, and what it covers. You may be surprised to learn that a quality cyber insurance policy is very affordable. Compared to what getting hacked would likely cost you, it’s a cheap investment to make to protect your families and businesses.
Hahn added, “I feel much more secure now that we have a cyber insurance policy for the JVA. If an incident were to occur, we are properly protected and we have a responsive service team that will handle the red tape for us.”
About the Author
Brad Preston is a client advisor at World Insurance Associates (World) specializing in the Sports industry. Prior to World, he spent more than 20 years at Advanced Event Systems and SportsEngine where he worked closely with the JVA and other member clubs in the volleyball space. He is well versed in club operations, staff, and member management, and most importantly, the use of technology and its inherent cyber risks. The JVA and World have partnered together to bring JVA Members educational articles and content to help you learn about your unique cyber risks and exposures, and how to better protect your businesses, members, and families in general. Feel free to reach out to Brad directly with any questions at bradpreston@worldinsurance.com