Sarah Cox, managing director at Ansvar Insurance, explains that awareness of cyber risks is a useful step in mitigating the potential damages of an attack
Compromised data that is accessed and stolen by criminals to make large sums of money is an ever-present threat.
In this article I will be sharing tips on how you can help yourselves and your policyholders better protect against cyber crime.
Shocking research undertaken by the National Cyber Security Centre (NCSC) found that 39% of UK businesses had identified a cyber attack against their business, with the most common threat being phishing attempts.
Over 20% of these attacks however, fell into more sophisticated attack types such as a denial of service, malware or ransomware attacks.
One in five businesses (20%) and charities (19%) said they experienced a negative outcome as a direct consequence of a cyber attack.
Cyber-attacks have real-life consequences, with loss of personal data, time and money common outcomes.
Next steps
The first step to guard against these attacks is simply being aware of the ever-present and increasing threat.
According to the NCSC, approximately half of businesses (54%) have acted in the past 12 months to identify cyber security risks, leaving a huge 46% potentially unaware of the associated risks.
The sophistication of cyber attacks can make it hard to differentiate a legitimate communication from a malicious one.
Taking the time to audit your cyber-related processes and training staff to spot potential attempts to infiltrate could save you from so much stress, expense and reputational damage in the future.
A cyber security breach could cause so many issues to your business, including, but not limited to – damaged hardware from a computer virus, countless lost hours spent handling the breach, a criminal investigation and damages claims from third-parties who might have been affected by the event.
All of the above can really hurt your reputation.
Manage your risk
Having robust anti-virus software, secure passwords and making sure your people are well versed in spotting malicious communications are some of the most important steps you can take to minimise your risk.
If you’re ever unsure, you should seek specialist advice to understand the needs of your organisation and how best to protect it.
Cyber insurance is one of the most important tools in your arsenal to combat the risk of an attack.
Having cover in place means you’re protected in many ways – not only for the costs involved with investigations, legal fees, contacting the affected parties, support with PR costs should there be any coverage in the media and making sure you get back on your feet as soon as possible with suitable IT systems.
This is a good time to remind you that you should absolutely never pay a ransom without seeking specialist advice.
Cyber security is a complex and ever-evolving subject – however, with the right attention, professional advice and adequate cover, you can significantly mitigate your risk.
Whether you’re a broker looking to protect your business, or you have clients in mind who are particularly exposed, every business can benefit from the right kind of cyber cover.
