Lack of Cyber Cover Leaves SME’s Exposed to Attacks

 

86% of SMEs do not have any cyber insurance in place according to a recent survey by Aviva.  This lack of insurance protection comes at a time of rapid digitisation, with statistics showing that 41% of SMEs updated their website in response to the pandemic while 39% moved online or improved their online offering.

96% of those businesses that made changes confirmed they would keep their online developments, yet only 11% had updated their cyber cover.

In the report, Aviva states that the pandemic has accelerated digital adoption across all businesses, meaning cyber insurance has quickly moved from a perceived luxury to an absolute must-have.

Cyber cover doesn’t just protect businesses against an attack, but it also ensures they have fast access to expert specialists, so they can return to normal as quickly as possible in the event of a cyber incident.

Six top tips for business owners

  • If you are unclear about your digital risk, contact your insurance broker to understand the risks to your business and what protection you may need.
  • Always use individual identification and passwords to access computer equipment and change default manufacturers passwords.
  • Back up all data every seven days or less and store back-ups securely and away from the data or programs they relate to.
  • All personal data must be stored and disposed of in a secure manner. The definition of ‘personal data’ includes information you hold on suppliers, business emails and employee data.
  • Install any updates for firmware, operating systems, software or programmes within 14 days of release where the updates address a vulnerability described by the provider as critical, important or high.
  • Ensure that any equipment connected to the internet or other network is protected by a suitable firewall and ensure it is updated automatically, or at intervals of a month or less.

Contact us today to understand the cyber risks your business faces and what protection you may need.

For more information on keeping your business safe online visit the NSCSC Cyber Aware pages.

 

Cyber: What is Phishing?

Cyber-security for your business

According to the Government’s Cyber Security Breaches Survey 2020, phishing is currently the most common form of cyber-attack in the UK. The proportion of British businesses experiencing a phishing attack has risen from 72% to 86% since 2017. This means almost 9 out of 10 organisations have been targeted.

Phishing is a method that cyber-criminals use to gather personal information. In these scams, phishers send an email or direct users to fraudulent websites, asking victims to provide sensitive information. These emails and websites are designed to look legitimate and trick individuals into providing credit card numbers, account numbers, passwords, usernames or other sensitive information.

 

 

Phishing is becoming more sophisticated by the day, and it’s more important than ever to understand the different types of attacks, how to identify them and preventive measures you can implement to keep yourself safe.

Get Informed, Stay Protected

It’s no longer enough to simply install antivirus and anti-malware software. It is important that you stay informed on the most recent cyber-attacks and up-to-date protection strategies. The National Cyber Security Centre is a good place to start.

If you want to improve your cyber security further, then you can also seek certification under the Cyber Essentials scheme, which has the benefit of demonstrating to your clients (or prospective clients) that you take the protection of their data seriously.

In addition to providing risk management tips for both employers and individuals, we can help keep you informed on the biggest happenings in cyber-security and provide robust insurance solutions. Contact us today to learn more ways to stay cyber-safe.

Cyber Insurance

Cyber-attack trends continue to evolve in these uncertain times, and it can lead to lost revenue, damaged reputation and regulatory fines. Be sure to regularly review and update your policy to avoid the ruinous ramifications of a cyber-attack.

If you don’t have cover and you use computers or the internet at work, hold customer/supplier/employee data, carry out online transactions, or even just use social media, you should be thinking about it.

Contact us today to discuss cyber insurance for your business.