Cyber Talk Radio: Assessing Small Business Cyber Risk

Bret Piatt, CTR Host and Huw Edwards, CyberFortress CEO - Week 107 of Cyber Talk Radio

Show Summary

This past Saturday, October 13, episode 107 of Cyber Talk Radio hit the air on 1200 WOAI and iHeartRadio streaming. I was joined by Huw Edwards, CyberFortress CEO to discuss tips on how to assess your business's cyber risk and the need for cyber liability insurance.

As businesses are moving more and more online, the risk to your business increases. Is it even an option to run a business without having some sort of online connectivity? Huw says it’s table stakes. Companies are constantly surrounded by risk. However, with most incidents or accident there is someone to call for help. For example, if you have someone break into your brick and mortar store, you call the police. Most small businesses don’t realize the risks they are facing online. The online world is a bit of the Wild West and exposure is high as businesses move more online. If a business doesn’t generate revenue online, do they still have risk? I asked Huw to give some advice and tips on how you can assess your potential business risk. Essentially, anyone that has online revenue generation or even a point of sale system that is via the internet is open up for risk.

Hackers are looking to see what businesses have their front door unlocked or ajar in a digital sense. What happens if your business is hacked? Who are you going to call? Huw jokes that you’re not going to call Ghostbusters. You can call the police or the FBI but they are likely going to say good luck. Small businesses are an easy target because they typically aren't as good at maintaining and updating their software and hardware with patches and fixes. Huw shares a few tips for small business owners to follow to protect themselves from any sort of fraudulent activities when it comes to financial transactions. We had a recent example of the unfortunate outcome of a real estate financial transaction gone bad from Jobe Jackson of Langley & Banack on a previous episode.

Many small businesses are overwhelmed by the insurance application process and ensuring they are getting the coverage they need especially when it comes to cyber liability. Huw shares a few recommendations on what you should be asking your insurance agent/broker. Did you know that less than half of SMBs have insurance coverage for any potential risks or incidents that would happen to them via the Internet? This is where a cyber liability insurance policy comes into play. What does a cyber liability policy include? Is data breach insurance a whole separate policy? What about business interruption insurance? It is important to look at what your business is trying to achieve by having coverage and an insurance policy. A major challenge right now in the insurance world is that the agents that have helped you with your business insurance in the past are now having to help you navigate cyber which is a whole new territory.

Listen to the episode replay to learn more about small business cyber risk, here or watch below.

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