Being the victim of a data breach or ransomware will lose you more than money; you could lose your reputation. The loss of trust and confidence that follows a serious breach is harder to recover from than the financial loss. It is estimated that businesses will lose up to $20 billion dollars globally to ransomware and data hacks. Prevent becoming a part of a rapidly growing statistic and implement best data security practices to protect your business and clients.
The Cost of Ransomware
Ransomware is exactly what it sounds like, a hacker kidnaps your system and holds your data for ransom. Pay the ransom and you get access once again. Because the cost of paying the ransom is greatly less than the cost of downtime, client trust, and brand reputation many companies choose to pay the ransom.
Don’t become a part of this growing statistic!
Best data security practices
The insurance sector is a highly attractive target for ransomware. We hold an impressive amount of personal and financial information. Implementing strict data security practices from the start of your agency will help build client trust and confidence. You’ve gone to great lengths to court a client and get them to convert, don’t lose them to sloppy data security.
Be transparent
Asking for personal and financial information from clients is essential to your services. Assure clients of your data security measures and be fully transparent. Show clients that you value their trust, are aware of cyber threats, and have taken the necessary steps to protect your system and their data.
Multi-factor authentication tools
Implement the toughest and most secure access tools, like multi-factor authentication and password generation tools. Segment your network to only provide access for the essential people on your team and the client. Divvying up your network and only giving access to a select few is a way to set up barriers and extra security measures to prevent a breach or ransomware attack.
Back up and update
Regularly back up data and store it in a secure location. Should a breach or ransomware occur, you may be able to bypass the hackers and re-gain access to your data through a backup file.
Updates to your system often include new and improved security measures, so don’t ignore that “update pending” notification. The time it takes to shut down and update is infinitely less than the time you’ll spend dealing with and recovering from a data breach.
Get cyber insurance
Cyber insurance is a smart move and will also signal to clients that you practice what you preach. Imagine an insurance agent who does not have the right coverage for their agency? That would be both embarrassing and incredibly risky.
Understanding the risks and threats that cybercrime poses for our industry, Affordable American Insurance requires all agents to have an E3 license to protect all professional communications. All agents must sign a document stating that they are in full compliance with all data security protocols.
Security audits
Just like you check in with your team and tracking your progress and achievements, perform regular security checks and audits on your system. Stay up to date on the latest trends and technology to protect your data.
Join the Fastest Growing Insurance Brokerage in the US
We help independent agents grow their agency bigger, faster, more efficiently. Our services include tools, training, and technology, including best practices for securing your data and building trust with clients. To learn more about how AAI can help you succeed, get in touch.