Who Needs Cyber Insurance?

Who Needs Cyber Insurance?

Cyber Insurance

Cyber Insurance should be a standard part of any businesses attempts to keep their business protected online. Quite a simple concept right? You have insurance for business assets such as cars and property, so why not your computer systems?

The publicity surrounding the dangers of cybercrime has been so prominent in recent times so why are we still failing to implement basic techniques to protect our businesses?

Why is the need for Cyber Insurance still ignored by many SME’S?

The dangers of cybercrime are not going away anytime soon and Infosec experts believe that crime rates will only continue to rise.

Are small businesses doing enough to protect themselves against worrying about crime trends?

Is Cyber Insurance necessary for your business?

Does your business email, hold customer data, taking online payments or even simply operate a live website? If the answer to any of these questions is yes then your business requires some form of Cyber Insurance cover.

As a small business owner, you should be concerned about cybersecurity. Cybercriminals aren’t just interested in attacking the big boys, they want the small businesses too!

The Numbers Game

Cyber Insurance- the numbers game

5.7 million SME’S in the UK making up a total of 99% of businesses in the country. That’s 5.7 million different companies for hackers to target, 5.7 million businesses to take down, 5.7 million business which could be vulnerable to losing customer data or being held to ransom by criminals.

Whilst targeting an SME may not be as profitable for hackers as potentially targeting a larger company, hackers tend to have more success with SME’S as security is often lax meaning that they usually have a higher success rate.

Why Would Hackers want my data?   

A disgruntled employee(or ex-employee) seeking revenge? An unhappy customer who feels they’ve been ripped off? There are many reasons as to why hackers would want to target your business. It’s not always personal.

Kaspersky Lab recently brought to light 5 key reasons why they believe criminals want your data.

  1. Cause financial loss
  2. Damage reputation
  3. Destruction of Data and Causing Operational Damage
  4. Information Theft
  5. Monetary Theft

Aside from Monetary and Information theft, in reality, the other three reasons don’t provide much motivation for hackers to target your business. What this means, in essence, is that it is never wise to assume your digital assets are safe because your company is not well-known or popular. The majority of hackers have no interest in the specific details of the company that they attack- they simply just want to make the most of the malicious resources that they have.

What Type of Businesses have been attacked in the past?

Any type of business can be affected by a cyber attack. Companies who store personal customer information(credit card details etc) tend to be targeted regularly.

What would happen if you lost your customer card details to computer hackers? Could a lawsuit for failing to comply with GDPR rulings destroy your company?

In addition to this,  Firms who hold financial information about their clients are also a regular target. Any type of business which holds private and confidential customer information is a likely target and thus should be taking extra precautionary measures.

Preventative Measures

There are a few simple measures which you should be taking in order to help protect your business. Firstly, investing in staff training should be the first step whichever company takes. This could be as simple as showing your staff how to reset their computer passwords on a regular basis or educating them on how to gauge whether an email is spam or not. In addition to this, implementing a system of end to end data encryption should be a method by which companies use in order to protect the integrity of their data.

 

How Can CyberBee Help;

We have an extensive Knowledge Hive providing up to date cybersecurity hints and tips. The Knowledge Hive is free to access for everyone and provides some valuable information on how to keep your data secure online.

In addition to this, we also provide Cyber Insurance coverage for those businesses that do use emails, hold customer data, take online payment or who operate a website. Is it really worth leaving your business unprotected?

 

 

 

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