Why do nightlife and hospitality businesses need to be aware of cyber threats?
Cyber security seems to become more crucial and relied upon year on year, however much more recently, cyber security has made the front pages. Russian backed cyber attacks are a very real threat, as are cyber criminals and rogue individuals out to bring down your company.
The motives of cyber criminals are wide ranging and varied, and unlike other crimes, the offenders will often have no prior knowledge of your company before the targeted attack. Cyber criminals value your money and data; it is a legal obligation to keep these secure, else your company will be made subject to costly repairs and fines.
It all may seem a little far-fetched, but 1.6 million of the 5.7 million small-to-medium-businesses in the UK see a hacking attempt each year. Yet, almost three quarters (73 per cent) of small businesses lack the capability and expertise to withstand a cybersecurity attack.
So, at NDML, we have provided a list of simple actions businesses should consider when working to protect against cyber attacks and deter cyber criminals. These processes and techniques will all but assure security, only requiring minor adjustments to be implemented.
How can I protect my business from cyber fraud?
1. MULTI-FACTOR AUTHENTICATION
2. SECURED AND TESTED BACKUPS
3. PENETRATION TESTING
4. FILTER EMAILS
5. UPDATE SYSTEMS
6. INCIDENT RESPONSE PLANS
7. PROTECTED AND MONITORED NETWORK
8. ANTI-VIRUS SOFTWARE
9. EDUCATE THE WORKFORCE
10. CONSULT YOUR BROKER
What to do in the event of a breach
Businesses can never be 100% secure. A breach is bound to happen; it’s a case of when, not if.
You need to know what to do when a breach does happen, these protocols should be laid out in your incident response plan (or business continuity document), a document which your broker will help you build.
Depending on the extent of the attack and breach, it will determine the actions that need to be taken. Each businesses should have a unique tailored plan, outlining specific roles and responsibilities. However in most scenarios, for serious breaches, the process will go similar to this:
1. ASSESS THE EXTENT OF THE ATTACK
2. SHUT DOWN SYSTEMS
3. REPORT THE BREACH TO THE AUTHORITIES
4. CONTACT YOUR BROKER WHO WILL THEN CONTACT YOUR INSURERS
5. COMMUNICATE WITH STAFF AND OWNERS
6. NOTIFY CUSTOMERS THAT HAVE BEEN AFFECTED
7. ACTIVATE BACKUPS
8. CHANGE PASSWORDS AND PATCH THE HOLES
Consult your broker for cyber advice
The number one point on preventing an attack is awareness. Nightlife businesses need to ensure that their staff are aware of these types of threats and do not accidentally, or intentionally, put their employer at risk.
Cyber attacks are able to cause machines to stop working, online systems to go down, and the loss of critical data and money. Think: Are you prepared were a serious cyber incident to affect your business?
NDML’s cyber insurance policies will cover your business for losses, repairs and adjustments in the event of a breach. We have a large in-house claims team as well as experts who specialise in cyber security. We are able to advise on cyber security measures and help you build an effective incident response plan.
Contact NDML today to talk to a representative about your cyber cover and the current threats that are placing you at the greatest risk.