Tags: cyber

Our recent podcast covers cybersecurity trends and tips for small and mid-sized businesses (SMBs), but since cyber security for SMBs is widely overlooked I want to reiterate a few important points from the podcast. We had an all star line up of guests who are extremely well versed on the topic—Chris Hallum, Senior Product Manager at Microsoft, Daniel Eliot, Director of Education & Strategic Initiatives at National Cyber Security Alliance (NCSA), and John Coletti, Chief Underwriting Officer Cyber at AXA XL. 

The three most important points are:

  1. the major misconception that no SMB is too small to be a target. Unfortunately, there is a false sense of security that only larger SMBs and enterprises are valuable to criminals. 
  2. the importance for SMBs of all sizes to increase their awareness, education, and preparation to stay ahead of the threats that will impact their business. 
  3. cyber health audits are increasingly becoming a requirement for SMBs that want to do business with larger enterprises that also offer services to the government. 

As Daniel Eliot raised, SMBs are often the portal for criminals to gain access to a much larger, lucrative target. The other side to this is that even the smallest SMB has assets that are of interest to criminals. In fact, Chris Hallum shared a story of a customer who was hacked four years ago and that the SMB’s environment was being used as a training ground for up and coming hackers to learn the tools of the trade. 

John Coletti shared many important insights about the perception of cyber insurance by SMBs. He commented that SMBs haven’t traditionally viewed cyber insurance as an asset and part of the challenge is that they aren’t even aware that it is an option. John also added that there are a lot of false news articles circulating claiming cyber insurance doesn’t provide proper protections. 

The podcast also included stats from a soon to be published Forrester research report about SMBs and cybersecurity along with free resources available from the NCSA’s StaySafeOnline website that SMBs can take advantage of to improve cyber risk management today. 

No business is too small to be hacked. To hear the entire podcast, click here.

For more info on cyber insurance for SMBs, visit https://axaxl.slice.is.