SecurityWise: Cyber Insurance – Am I at risk?
01 Mar 2021
If you are connected to the internet, you are at risk of a Cyber Attack and future attacks will no longer be restricted to targeting large entities. The UK Government predicts that in 2021, 100% of SME’s will experience a cyber-attack at some level.
The 5 most common threats are categorised as follows:
- Socially engineered malware
- Password phishing attacks
- Unpatched software
- Social media threats
- Advanced persistent threats
- All leading to consequences for your business arising from DDoS and Breach of Data.
How can these threats impact my business?
They can stop you from trading, drain your bank account, steal your data and threaten your reputation. The threats that companies think they face are likely to be vastly different to the actual threats that pose the greatest risk.
Cyber-attacks will:
- Increase in frequency
- Evolve and become more complex
- Be more targeted to specific business sectors
- Threaten the unprepared and unprotected.
Frequent updates and information bulletins will enable you to be aware of newly emerging threats and risks to your business and what remedial action to take.
Best Practice
It is TH March’s strong recommendation that you take measures to deploy systems, technologies and changes to business practices in order to mitigate your exposure. The UK Government is providing important advice to businesses and personal users through their National Cyber Security Centre (a part of GCHQ). It is a worthwhile exercise for you to conduct a search for the following documents: (using www.gov.uk or www.ncsc.gov.uk)
TH March will also provide updates via regular SecurityWise articles here on the NAJ website.
General Preparations
Inevitably, some changes will be required to current practices and within this, you should consider:
- Revising or updating existing policies and procedures
- Communicating responsibilities to staff and offer training
- Consider creating a backup plan, such as business continuity or disaster recovery
- Install, change or update anti-virus software
- Review how your data is protected or encrypted.
The type and quality of cyber security measures you have in place or are prepared to install, help to determine the scope of cover available to you and the premium level required by Insurers. The cost of clearing up any cyber-attack could lead to a substantial bill, including investigations and residual costs.
TH March Cyber Insurance goes hand in hand with other Risk Management measures as part of a broader defence. Be prepared and ensure you implement suitable protection to help deter hackers from targeting your business. TH March has access to a number of specialised insurers who can provide you with access to expert advice, guidance and security strategies. Arranging cyber insurance cover through TH March can go a considerable way to mitigate the risks and threats to your business.
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Source: TH March