Question: What do 47% of the UK’s small businesses have in common?
Answer: They were all subject to a cyber-attack in 2017
With nearly half of the UK’s small businesses having been hit by a cyber-attack in 2017 and with more expected in 2018, now’s the time to protect your business with cyber insurance cover from Coversure. Cyber attacks have rapidly gone from something that large, hi-tech and financial services firms need to worry about to something that organisations of all shapes and sizes need to take extremely seriously. With the average cost of an attack now costing small businesses £1380 – plus untold costs in terms of potential reputational damage – is it any wonder the 60% of affected businesses are out of business within 6 months of an attack?
Surprisingly, despite the enormity of this potentially business-ending threat, only 14% of UK small and medium sized enterprises (SMEs) had cyber insurance cover in place in 2017 according to a Global Data report. This compares pretty poorly to the US where around 50% have protection in place.
So, what are the risks from a cyber attack? And how can cyber insurance protect you from these threats? In this latest blog from Coversure, we’ll guide you as to what you need to look for in a policy and we have some easy to follow tips that will help you protect your business from the cyber criminals.
We hope the following proves useful, but if you would like some more help then please contact your local Coversure office by clicking here. They’ll be able to give you all the help you need to get the protection that’s right for you.
Cyber Insurance: What To Look For In A Policy
Given that cyber attacks can come from many directions – from an external attack to an employee taking data and selling it on – you need comprehensive cover to save you from the costs of potential fines and the cost of restoring your system’s integrity. This is where cyber insurance comes in, to cover you financially after an attack and to help get back to business. Our cyber cover can be tailored to what your needs, so no matter what type of organisation you are running, we can help you find the cyber cover you need. When choosing cover you want to make sure it offers you options around;
- Cyber extortion – in case your business is held to ransom by ransomware or by you being locked out of your own system
- Data recovery services – to cover the cost of having an I.T. professional recover vital data that may be lost in an attack
- Business interruption cover – which will cover lost income while you are unable to trade owing to an attack
- Hacker damage – hackers don’t care about the mess they make when executing an attack, and having this option in place will allow you to cover the costs of repairing your network
- Legal cover – should a cyber attack result in legal action under the Data Protection Act, this will help cover any fines from the Information Commissioner’s Office (ICO). With the laws around data protection and handling becoming tighter all the time – what with the forthcoming General Data Protection Regulation (GDPR) coming in May – the ICO will be even tougher on data breaches and firms small and large will be under greater scrutiny than ever before
- Defence costs – one the lesser known, but really scary, aspects of cyber crime is that if you are infected with a virus or malware and you pass that on to another’s system – through an email for example – you can be liable for damages
Cyber Attack: Protect And Survive
Of course, the best way to be protected against cyber-attacks is to prevent them happening in the first place. That may sound easier said than done, but the following are simple things you can do to lessen your chances of being successfully attacked;
Review Your Cyber Security
The higher level of security you have, the harder you will be to hack. Take a look into your current anti-virus software, firewalls and internet access that your employees have and use free tools like Windows Defender.
Install Security Updates As They Occur
This may sound like common sense, but the attack that hit the NHS in 2017 could’ve been prevented by a simple Windows update. The virus was able to find a flaw in an old version of Windows and wreaked havoc. These updates can be time consuming and inconvenient, but what’s more frustrating; losing an hour of your day or losing your business?
Back Up Sensitive Data Regularly
Backing up data should be as much a part of your day as locking the doors and turning out the lights when you leave. The easiest way to back up these days is to the Cloud. Backing up to it means that should you be the victim of ransomware you’ll be able to access your data.
Be Careful With Emails
Email phishing is still a major problem. Despite repeated calls not to open emails that look suspicious or which request sensitive details, millions of people are duped every year at a cost that runs into billions. These are emails disguised as companies, made to trick you into clicking links and providing sensitive information as you believe it’s a company you know and trust. These come from vanity email addresses, that on browsers or apps will show a company name but the email itself is a giveaway, being a random email rather than one from the domain of the company. Be wary of emails and inform your employees to look out for the same.
Control Employee Access and Offer Adequate Security Training
You could put all the correct processes in place but still be the victim of an attack due to employee negligence. Ensure you limit access to systems and data so only employees who definitely need access have it, this’ll prevent attackers getting too far if they manage to prey on a negligent employee. You should also look to offer employees training of how to stay safe with their computer so they limit the chance of an attack through them.
We hope the above blog has been informative to you, though if you want to gain comprehensive cyber cover to protect you then please contact your local Coversure office by clicking here.