Learn more about how your small business should be thinking about cybersecurity.
In Part 2 of his keynote address from Trava's #BeCyberSmart: Cybersecurity Awareness for Today's SaaS Companies live event, Trava co-founder and CEO Jim Goldman answers the question, "How should I be thinking about cybersecurity?”
Business leaders will learn what a comprehensive cyber risk management program should look like, why each component is critical, and common pitfalls small business leaders face when implementing cyber risk management.
When people hear the term “cyber risk management,” they often feel intimidated because it sounds so complicated. In this video, Trava CEO Jim Goldman illustrates why cyber risk management isn’t as complex as it sounds and how small and medium-sized businesses can utilize this approach to better secure their assets from threat actors.
Importance of Risk Management Assessments
In part 2 of Trava’s Keynote address, Goldman demonstrates how straightforward cyber risk management actually is by performing a risk management exercise using a jewelry store as an example. In his comparison, he illustrates threats, outlines risk mitigation techniques—and how they align in the same way as all SMBs that need to protect their data assets—and answers important questions such as:
- What assets do you need to protect from loss?
- What’s the threat—who wants to steal your assets?
- What are potential vulnerabilities in your company?
- Once risks are identified, what steps can be taken to better protect your assets?
Bottom line, the same ways a jewelry store would protect its physical assets to mitigate risks can apply to all types of businesses. Not unlike determining a risk management strategy to protect data, since data are essentially the "crowned jewels" of all businesses.
Technology is Never the Sole Solution
After the protective mechanisms that can be wrapped around data to avoid being exploited by threat actors are identified, it’s time to look beyond. Technology is never the sole solution. In addition to technology, people and process are also necessary. People need to understand the threats and know how to act accordingly from both the proactive and reactive sense when it comes to cyber risks. Risk mitigation is a big part of the process as well.
Where Insurance Factors In
Going back to the jewelry store example, these businesses take specific preventative measures to protect their assets and then buy insurance to protect their assets in the event of an incident. Other types of companies can take the same route by purchasing cyber insurance. Incorporating cyber insurance into a risk management plan is just as important as other strategies being integrated.
Trava understands the huge challenges SMBs like yours face when it comes to safeguarding digital assets. We strongly believe cyber insurance can protect you from massive financial loss in the event of a cyber attack. Our specialists are dedicated to helping businesses like yours find comprehensive solutions to not only mitigate risk but ensure survival in the event a cyber incident does occur. Talk to an insurance advisor to learn more.