How cyber crime can affect your business

Cyber attacks are on the rise, and are becoming increasingly more intelligent. In this area of ever evolving threat, it’s difficult to stay protected, but it’s not impossible.

But if the worst does happen, are you 100% sure you’d be protected from catastrophic loss?

And the most concerning part about cyber risk? It can affect businesses of ANY size.

No longer are these attacks solely targeted at multinational corporations and government agencies. Businesses of all sizes are seeing an upward trajectory of the number of cyber attacks directed at their businesses. SMEs are particularly hard hit in this scenario, as they are large enough to have significant data or material value, however they often don’t have the relevant investment in cyber security to protect themselves. This makes them an easy target for potential cyber criminals.

Because of this unprecedented risk for all business, we’re taking the opportunity to shine a spotlight on what the risks entail, and how you can protect yourself against them. As an insurance broker that is dedicated to protecting your tomorrow, today, we’re here to give you the insight into staying safe online, and the importance of cyber insurance and crime insurance.

Traditional risks to businesses such as fire and theft, are easy risks to see. They have physical consequences and it’s something that we’re all familiar with.

Cyber threats are a little different. They hide in plain sight, masquerading as legitimate activity, when in reality one wrong click could bring down an entire businesses systems. Whether it be through malicious software that will infiltrate your system and destroy your files, or ransom attacks where cyber criminals hold your systems hostage, each cyber threat has the potential to cripple a business. Particularly one that is under protected, and under insured.

Because the threats are invisible, it’s easy to dismiss. To think that it’s something that will happen to someone else. Which is possible, until it happens to you. And it’s at this time that you’ll feel the impact of not taking cyber threats seriously.

With around three quarters of business leaders claiming they have insufficient cyber cover, or none at all, there’s a real chance that you and the people around you are at risk from these threats.

In the past year alone, 74% of SMEs have reported a cyber security breach, and the Identity Management Institute have shown that around 90% of cyber attacks are successfully executed, with credentials stolen or socially engineered from employees.

This prevalence demonstrates how crucial cyber security is, and in turn shows how important it is to invest in cyber insurance and crime insurance. Because we can guarantee that the cost of your policy, will be nothing in comparison to the potential costs entailed if you fell victim to a cyber breach or attack.

But we’ve got your back.

Over the next several posts, we’re going to be bringing you tips, insights and recommendations. All centred around how to keep your business better protected. The steps you can take to secure your digital property. And most importantly, how to insure yourself against the worst happening.

Because whilst you can protect yourself, the ever evolving nature of cyber crime means that it’s impossible to be 100% safe.

If you have any questions about cyber insurance, or want our team to help you get secured, speak to us now.