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2021 Coalition Cybersecurity Guide: Simple steps to protect your business
Marisa Krystian

As small and midsize businesses become increasingly dependent on services and applications connected to the internet, they also become an easier target for cybercriminals looking to exploit vulnerabilities in their systems. Every password we set, tool we use, and network we access leaves us exposed and vulnerable to cyber threats.

At Coalition, we have a unique and up-close view of the attacks that impact organizations. We’ve seen the frequency, severity, and sophistication of cyber attacks continue to grow. From 2019 to 2020, we saw a 67% increase in the frequency of business email compromise attacks. In the first half of 2020 alone, we witnessed a 47% increase in the average ransom demand. And while many attackers exploit misconfigured security settings and software vulnerabilities, 60% of claims we saw resulted from human error.

Cyber claims this guide can help you avoid

Cyber Incident Description
Ransomware and malware attacks A bad actor encrypts and disables access to business-critical systems and data until a ransom payment is made. Data may also be exfiltrated and exposed if the ransom isn’t paid
Funds transfer fraud A bad actor uses social engineering, sometimes in concert with attacks such as phishing, to cause funds to be sent to the attacker instead of the proper recipient
Business email compromise Email intrusion resulting from spoofing, phishing, or spear phishing that can result in a data breach or funds transfer loss
Data breaches Exposure of Personally Identifiable Information (PII) or Protected/Personal Health Information (PHI) of your customers
Legal and regulatory issues Violation of a legal or regulatory framework, such as GDPR or CCPA
Web application compromise Direct compromise of a web-based product, such as an ecommerce platform, as a result of a targeted attack
Technology errors & omissions A failure in the technology product or services results in business interruption or loss on behalf of your customers

Who is this guide for?

This guide is designed for small businesses who want specific and actionable recommendations to protect their organization. According to the Global Cyber Alliance, more than 43% of cyber attacks target small businesses, who often don’t have the security and technical expertise of larger organizations. Luckily, we have a powerful team of in-house experts who are ready to share actionable steps to help prevent (or at least minimize) cyber threats.

Note: Addressing these security areas will help you mitigate cyber risk, but they can’t guarantee you won’t be a target. If you’re looking for more detailed cybersecurity advice, reach out to our team, and they will be happy to assist.

Inside the guide you’ll find…

  1. Way to increase email security
  2. How to implement Multi-factor Authentication (MFA)
  3. Backup strategy tips
  4. Secure remote access following a pandemic
  5. Best practices for software updates
  6. How to implement a password manager
  7. Ways to scan for malicious software
  8. Best practices for data encryption
  9. The importance of security awareness training programs
  10. The benefits of cyber insurance

Download the 2021 Coalition Cybersecurity Guide

This guide summarizes our top recommendations for small businesses to take if they want to be secure. If you take action now and work to address the topics in each chapter, you’ll be a much less appealing target for cybercriminals in the new year (and beyond).

If you’d like to discuss any of the security measures mentioned in the guide in more detail, contact us! And of course, don’t forget to download your copy of the 2021 Coalition Cybersecurity Guide now.

Coalition’s products are offered with the financial security of Swiss Re Corporate Solutions* (A.M. Best A+ rating), Lloyd’s of London (A.M. Best A rating), and Argo Pro US** (A.M. Best A- rating).
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*Insurance products may be underwritten by North American Capacity Insurance Company, North American Specialty Insurance Company, or an affiliated company, which are members of Swiss Re Corporate Solutions. **Insurance products may be underwritten by Peleus Insurance Company, Colony Specialty Insurance Company, or an affiliated company, which are members of Argo Group US, Inc.