Cybersecurity Checklist for Middle-Market Businesses

According to RSM, a consulting service for middle-market companies, “Compared to large enterprises, middle-market companies simply do not have the same time, budget and resources to defend against cybercrime. The absence of the right tools and the lack of a dedicated security team often force these smaller companies to take a reactive approach to attacks.”

With cybersecurity insurance premiums continually rising, middle-market businesses need to find ways to tackle cyberattacks at their scale. 

Here are 3 things your middle-market business should have when it comes to protecting your business from a cyberattack:  

  1. Have domain name service security implemented

Domain name services are a type of web filtering method that blocks out harmful traffic on the internet. This type of traffic flows through firewalls and could breach your security measures. Without domain name services, your employees may click on phishing emails, and even worse, infect your system with malware. 

  1. Utilize multi-factor authentication

Multi-factor authentication (MFA) is used by having a secondary method of authentication, which strengthens identity. Although having a password helps, they are easy to hack into and having one extra layer of protection can be helpful in preventing cyberattacks. 

  1. Have a backup plan

According to CISA, ransomware is a huge threat in today’s cyber world. Ransomware is a form of malware designed to encrypt files on a device, rendering any files unusable. That being said, it’s important to have a backup and recovery strategy to recover those files after an attack. Having a backup plan, like having your files stored in a cloud or other backup drive is advised in order to protect your files from ransomware. 

After checking off those 3 things from your cybersecurity checklist, the next step would be to hire the right broker to help with your cybersecurity insurance needs. Right now, cyber insurance renewals are tough. Carriers are requiring more protection due to the number of claims and the amounts of payouts they are seeing. Having the right agent and cyber liability insurance can help your business respond in the event of a cyberattack or data breach. 

To know how much cyber protection you need, you must assess your business’s risk potential. Learn more about ways to protect your business from cyberattacks here.

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