Cyber-crime costs the UK economy billions of pounds every year, but it’s not just large companies that are at risk. SMEs are now firmly in the firing line as they’re often woefully unprepared.
Nearly half of UK businesses suffered some sort of cyber breach in the last financial year, Government figures show.
The most common attacks were via fraudulent emails, either through staff unwittingly revealing passwords or opening dangerous attachments. Viruses and malware were the next most frequent types of attack. This sends out a clear message to SMEs that they need to take cyber-crime extremely seriously in 2018…
1. Attacks are on the rise
2. The financial impact can be significant
3. Loss of reputation can hit hard
4. Businesses can protect themselves
5. Cyber insurance can help safeguard SMEs
With the rise in cyber-attacks, many companies are turning to insurance to cover the potential losses incurred by data breaches and ransom demands.
While insurance isn’t a substitute for strong cyber security, it is important addition to a business’s overall risk management. Insurers can use their expertise to help facilitate significant improvements in cyber security best practice across industry.
Cover is considered to be a “red-button” emergency response to a data breach, malicious or accidental and should provide 24/7 service 365 days a year, instant access to an incident management team for crises management, IT forensics to quickly identify problems and minimise damage to the business and legal, PR and credit monitoring experts.
Peter Smits, MD of Ashbourne Insurance, sits on the steering committee of David Lloyd police & crime commissioner’s “Herts Independent Business Advisory Group” and is a guest speaker at many GDPR & cyber security seminars across Hertfordshire.
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