Think your business is safe from cyber attack? You should probably think again.
- Malware infections cost UK-based companies an average of £57,000.
- In the UK cyber attack is attempted every two and a half minutes.
- Around half of SMEs in the UK have experienced a cybersecurity breach.
- Cyber breaches cost small and micro businesses an average £1,400.
Some businesses seem to be targeted more than others, with Kew Gardens recording a mammoth 86 million attacks in 2018 alone. But one thing is for sure – no business is safe from the threat of cybercrime.
The good news is that it is relatively simple and cheap to protect your business from cybercrime. From backing up data to cyber liability insurance, here’s what should be part of your arsenal to keep your business safe online.
1) Don’t fall into the trap of thinking your business is not under threat
It’s not just financial institutions and e-commerce businesses that are targeted by cybercriminals. Any company of any size is at risk. The costs of clearing up may be lower if you run a small or micro business, but this can still be enough to damage your cash flow and threaten your business severely.
Yes, if you sell things online, you’ll be a prime target for cybercriminals. But you don’t need to hold customer data or financial information to be at risk. If your employees use email, you’re in danger – they could accidentally open a scam email, and that can stop your entire system working.
Cybercriminals are not just looking to steal personal data. They can bring down systems to hold you to ransom. For example, if you run a factory of machines, it’s likely they are controlled by your IT system. If that goes down, your production stops, costing your business big. The cybercriminals can then demand payment from your company.
For more advice, read our guide to how to assess your business’ risk of cyber attack.
2) Back up data regularly
One way that cybercriminals make money is by stealing data and then asking for a ransom to return it. If you regularly back up your data, you retain control of your data, and you won’t need to pay the ransom. This also protects your data from other threats – including fire and flood.
- Make sure you store your back-up away from your device.
- Your back-up should not be permanently connected to your computer, or it will also be at risk of being hacked.
- And you should aim to back-up every day to minimise lost data.
3) Use anti-virus software
Anti-virus software is often included free and can be an excellent first line of defence to protect your system. But in many cases, you need to actively switch it on to get the benefits. A few minutes spent now to make sure this software is switched on could save your business a lot of money.
4) Don’t forget phones
Don’t forget to protect your business mobile phones from cyber attack as they are just as vulnerable as PCs and laptops. Again you can install anti-virus software. If your staff use their work phone for personal use, make sure they don’t download unsafe apps. And switch on password protection (or fingerprint recognition if your phones have that facility) to prevent criminals from accessing your phones.
5) Keep phones, computers, tablets updated
Software developers and suppliers act fast if there is a known security issue. They share software updates to fix (or patch) problems that could lead to a security breach. Make sure all the devices being used by the business are safe by installing updates as soon as they are issued.
6) Think about where you are doing your work when you’re on the go
Whether it’s catching up with emails at the airport or writing that presentation in a café, mobile technology makes it easy for us to keep on working even when we’re travelling for business. But, to stay safe online, take care not to link up to any unknown WiFi hotspots. If you do, you risk someone else being able to access your stored login details and work. Use your mobile data roaming service from your provider (which has built-in security). Or if you’re signing in to a hotspot, make sure it genuinely is what it says it is.
7) Take out cyber attack insurance
No matter what steps you take to prevent an attack, there is always a risk that your business will become a victim. That’s why cyber attack insurance is an essential part of your arsenal.
Cyber liability insurance can be tailored to match the specific risks faced by your business. For example:
- If you have an e-commerce company, it can cover you for any costs arising from the theft of customer credit card details from your servers.
- If you provide online software solutions, it can provide cover for any claims made against you by clients for loss of service.
- It can pay out for the costs associated with repairing or retrieving data as well as software and hardware.
- And it can help to cover the costs associated with any damage to your business’ reputation as a result of a security breach.
Contact Park Insurance for cyber attack insurance you can rely on
Our specialist cyber liability team at Park Insurance is your partner in fighting cybercrime. We understand the threats faced by different types of business and can help you to protect yourself financially. Our cyber attack insurance will not only reassure you but your customers too, protecting both your business and your reputation.
We will tailor your cyber liability insurance to suit the type and size of your business and the risks you face. That way you get the level of cover you need, without paying for extras that you don’t. Your cyber liability insurance can stand alone, or we can bundle it together with the rest of your business insurance needs. And there’s no charge for the guidance we offer. Get in touch today or call 0117 955 6835 to find out more.