Cyber security threats touch all areas of a business, large or small. It is imperative that employees are educated on the implications of cyber security as a major business risk. It was recently reported that employees are responsible for 27% of all cyber related security incidents!

As businesses become ever more reliant on technology, with the risk of suffering a loss related to problems with computer systems, holding sensitive customer data such as names and addresses or own employees payroll data.

A single cyber attack on your business can lead to a lot of consequences and understanding the nature of the risk exposure is a real challenge for insurers. Cyber threats are still generally people driven, whereby those planning an attack will study the defences in front of them and try to circumvent them – so it is always a battle to stay one step ahead of the threat. There is no doubt as to the severity of business interruption caused by a cyber attack as well.

In some ways, smaller businesses are more vulnerable to cyber crime, because unlike bigger firms, they are less likely to have teams of IT specialists in place to prevent or respond to a data breach, or the resources to invest heavily in cyber security.

Research by insurer Zurich suggests smaller businesses fall victim to certain types of cyber attack more often than larger companies. One study found that while 35% of larger businesses have suffered phishing attacks, whilst for SMEs it was 75%.

Despite the growing presence of cyber-attacks, research shows that businesses still lack the proper measures to stop threats.

These 10 tips can help protect your business from an attack:

1. Educate your employees! It’s essential to keep reminding employees of these potential ransomware threats.

2. Install anti-virus, web filtering and firewalls

3. Keep software updates patches applied

4. Backup your files and data

5. Only click on emails that you are sure came from a trusted source. These may have email ‘from’ addresses that differ very slightly from the official address

6. Emails may have been sent by one of your contacts, whose own accounts have been hacked. These can often be identified as they contain a short – often nonsensical message – and (malicious) link.

7. Ask yourself, is it really the Managing Director emailing me?

8. Formalise security policies

9. Instigate a robust password policy

10. Turn off immediately if suspicious activity is detected

Educating your employees about cyber security threats and best practices for online behaviour and privacy can reduce the likelihood of a breach caused by human error.

Even with rigid cyber security measures in place, the potential damage a cyber attack can cause to your business is significant.

It’s important to note that third party suppliers wouldn’t pay for your loss of income should the third party have a cyber attack.

Talk to us today about Cyber Insurance options on 020 8207 6835

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