Although ransom demands are often small, the interruption to business can produce sizeable losses, especially if occurring during peak trading periods. For hackers, it can be very lucrative given the high frequency of attacks.
Cyber crime is on the increase and affecting many SME business as well as larger organisations.
Anyone who uses a computer, the Internet, and/or processes payment card information is under threat from cyber-attack.
The following basic safeguards will help minimise the risk:
You may also want to consider Cyber Essentials, a Government backed scheme aimed at enabling companies to demonstrate their commitment to cyber security via a verified self-assessment process. The certification is widely recognized in the UK and has been designed in consultation with the SME business sector. The Federation of Small Business says that two-thirds of small firms have been victim of a cyber-attack in the last two years with the average cost of an attack being £3,000. Cyber Essentials may help you ensure your business is not one of them.
Designed to help safeguard your business, CyberCover provides access to independent experts, including forensic, legal and communications specialists, and covers you against sensitive data breaches, computer hacking, dumpster diving, computer viruses, employee sabotage or error, pilferage of information and identity theft. Cover also includes ransom negotiation, data restoration, reimbursement of ransom and advice on mitigating reputational damage.
In a changing world where cyber criminals can affect your business we can provide you with appropriate Cyber Insurance and advice. To learn more about how to protect to your business, contact us today.