operational
risks
and Insurance Solutions for SME UK businesses There has never been a more crucial time to review your cyber security protocols, take any necessary steps to strengthen them and get some robust cyber insurance in place, to ensure continuity of your business should the worst happen.
CAVEAT:
It is very important that companies understand that even the most robust cyber defence doesn’t guarantee 100% security, so having cyber insurance is an important backstop, augmenting the steps the business should already be taking to defend itself. Strong security protocols together with a bespoke insurance policy can make sure you are appropriately covered. In its report, ‘Cyber Security Breaches Survey 2020’, the Government’s Department for Digital, Culture, Media and Sport presents some sobering facts: www.gov.uk/government/statistics/cyber-security-breaches-survey-2020
Basic information security protocols for any business If you own a business, chances are you have
- Almost 46% of businesses report having cyber security breaches or attacks in the past 12 months.
facts
In case you weren’t aware, the risks to businesses from cyber criminals is large; the problem is growing and only going to get worse. E-criminals have exploited staff working from home, with weaker endpoint security over the past 12 months, increasing their activities and putting hacking at an all-time high.
- 32% of those businesses hacked said they were experiencing issues every week in 2020. - Phishing attacks rose from 72% to 86% in 2020 (Viruses and Malware dropped from 33% to 16%). - Amongst businesses attacked, one in five experienced a material outcome, losing money or data. Two in five were negatively impacted eg: requiring new measures, having staff time diverted or causing wider business disruption. - The average cost to businesses that experienced hacks was £3,230 rising to £5,220 for medium to large firms. - Only 32% of businesses report being insured against cyber risk. - Insurers ‘often played a major role in guiding organisations on cyber security’. laptops, mobile phones, staff, customers, products, payments, etc. Cyber criminals are after your data, money, intellectual property, or they’ll simply hijack your digital systems and hold you to ransom until you pay for the release (ransomware).
