Covid-19 has made a huge impact in how people shop, with many now relying on curbside or delivery services for their groceries, meals, or everyday household items. This change in consumer buying has led businesses to make changes in how they operate, both online and with mobile payment technology.
With these increases in online and mobile buying, it can make companies more vulnerable to hackers and thieves who want to steal or exploit financial data or customer records. The focus of today's Aegis blog post is how companies, specifically retailers and restaurants, can boost their cyber security and protect their business.
Regularly Train Employees
One of the biggest avenues for cyber criminals to access company records or financial transactions is through unsuspecting company employees. Untrained employees are far more likely to fall for phishing emails, mobile scams, or other hacker techniques.
Companies should regularly be training employees on how to spot phishing emails, when to investigate or ask for confirmation, and how to keep passwords and logins secure. If your employees regularly fall for phishing emails or keep their passwords on scraps of paper under the keyboard, then security training may be in order.
Update Equipment and Software
Retailers and restaurants can also boost their cyber security by ensuring that they're using the most updated software possible for their company networks, financial transactions, and bookkeeping. Often, cyber attacks occur when security software is outdated and isn't catching the latest malware or spyware targeting businesses.
Also, companies can also get an added layer of protection and ease when they upgrade to newer POS equipment or handheld purchasing devices. Newer company equipment will often have card readers equipped with EMV chip technology, which can protect companies from fraudulent transactions. Also, newer equipment may offer more flexibility in sales reporting and inventory tracking.
Have Cyber Liability Coverage
Finally, companies can have additional protection and peace of mind through Cyber Liability Coverage, which may help pay for legal fees, settlements and judgments, and credit monitoring services after a data breach. These costs can be substantial and could force the abrupt closure of a business if there isn't insurance in place to protect against these losses.
If you own or manage a retail shop or restaurant, consider adding Cyber Liability coverage to your commercial insurance portfolio. Our Aegis team can help you assess your current business insurance goals and make recommendations that meet your unique industry needs. Contact Aegis today for more information at 713-850-7622, or fill out our online form to request a free quote!