Every business that engages with clients or customers has data that must be kept private and secure. For accounting, law and wealth management firms (like BlueRock) the sensitivity of the data they handle requires a high level of security. If it lands in the wrong hands, either through a data breach or internal misuse, it could cause significant financial damage to clients, reputational and financial damage to a firm, and lead to big fines or legal challenges.
The Importance of Data Security for SMEs
Whether you’re a startup or established enterprise, you need to think about what business systems or tools customer data and information is stored in. This often includes emails, document storage, customer relationship management (CRM) software, or staff computers and mobile devices.
In the world of cloud-based business systems, all it takes is one person to slip up and expose their password to a system like Microsoft 365 or Salesforce, and client and company data is at extreme risk.
How To Protect Your Firm Against Data Breaches
Do you have adequate protections in place to keep client data secure and out of malicious hands? If you're unsure about any of this, ask your IT team or managed services provider the following questions:
- Do all users have secure unique passwords? Enforce strong password policies and consider multi-factor authentication (MFA) for added security.
- Do our staff have a multi-factor authentication setup? MFA adds an extra layer of protection by requiring a second verification step beyond a password, like a code from your phone.
- How is role-based access setup to limit access to just the right people? The principle of least privilege dictates that users should only have access to the data they need to perform their job duties.
- What systems do we have in place to alert us if something is breached? Intrusion detection and prevention systems can monitor network activity for suspicious behaviour.
How Cyber Insurance Protects SMEs
Data breaches are a growing concern, and even the most secure systems can be vulnerable. Cyber insurance can help mitigate the financial impact of a data breach by covering costs associated with:
- Forensic investigations to identify the cause and scope of the breach.
- Regulatory notifications to comply with data breach notification laws.
- Credit monitoring and identity theft protection for affected clients.
- Legal costs and responding to potential lawsuits from clients impacted by the breach.
BlueRock's cyber insurance expertise can help you:
- Secure the right coverage by assessing your cyber risk profile and choosing a cyber insurance policy that meets your specific needs.
- Negotiate the best rates for you through our experience working with various insurers to source the most competitive premiums.
- Manage claims efficiently in the event of a breach. We’ll help you navigate the claims process and ensure you receive the full benefits of your policy.
What BlueRock is Doing about Data Privacy and Cyber Security
We understand the critical importance of data security. We've made significant investments in the past 12-24 months to increase our security posture and identify improvements. We’ve implemented industry-leading technologies across endpoint, messaging and data. We also work with dedicated security partners who help us manage and implement innovative solutions to ensure we're always moving with the industry and staying alert to the latest threats.
Get in Touch to Discuss Your Business’ Data and Cyber Security Needs
From creating a data lake to ensuring you have the right cyber insurance in place, BlueRock’s multidisciplinary approach to business and digital services means we have the expertise to help you stay ahead of any threat. Get in touch with our digital consultants today to see how we can help.
