Cybercrime: Know Your Risk

If your hardware store or lumberyard has an internet connection or accepts credit cards, your business is at risk. Cybercriminals don’t just direct attacks on mega corporations; small businesses are a prime target for cybercriminals because they can be an easy get.

Statistics paint an alarming picture for unprepared business owners. Nearly 60 percent of all cyber breaches reported in 2018 affected small businesses, according to Verizon’s 2018 Data Breach Investigations Report. Becoming a victim is not only inconvenient, but it can be costly to your business and to its reputation.

Many business owners don’t understand their risk and as a result, don’t take the proper precautions. You may believe your business is not collecting sensitive information.

However, you are likely digitally storing consumer credit card numbers, employee social security numbers and other financial records.

These days, cybercriminals are highly creative. They use a number of tactics to trick business owners or their employees into opening their (virtual) doors to an attack.

Fortunately, there are steps hardware retailers and lumberyard operators can take to mitigate their cyber risk:

• Make sure your employees understand phishing and malware.
• Install and update anti-virus software.
• Update servers and use spam protection.

Though taking these steps will greatly reduce your business’ chances of becoming a victim of a cyberattack, cyber insurance is an invaluable component. At Pennsylvania Lumbermens Mutual Insurance Company, we keep up with the cyber risks facing hardware retailers. Our Cyber Suite product provides coverage for:

• Data compromise response
• Computer attacks
• Cyber extortion
• Data compromise
• Network security liability

PLM is here to support you with cyber coverage to protect your business from cybercriminals. Learn more here.