Cyber attacks and your business

What you need to know shouldn’t make you Wanna Cry!

There’s been widespread media coverage in the last week of the Cyber Attack affecting the NHS IT network. A Ransomeware virus, named Wanna Cry saw NHS systems go into meltdown. But it hasn’t just been the NHS who has been affected. In fact, over 230,000 computers in 150 countries have suffered. Companies are all sizes being locked out of files or computers.

Looking at the bigger picture, a recent Government survey suggests that UK businesses of all sizes are being affected. As a business owner, it’s easy to be a little complacent and take the ‘it won’t happen to us’ approach. But the statistics say differently. The Federation of Small Businesses (FSB) said that 66% of SME’s do not consider their business to be vulnerable to cyber threats, but the latest data shows that 74% of SME’s reported they had suffered an information security breach in the past year.

These figures suggest many SME’s underestimate their need for cyber cover. While you might not think of your business as being at risk, if you use email, have a website, store client and prospect information and contracts on a computer, the reality is that there is a risk.

Isn’t it time you considered how your business may be affected or could be a potential victim of a cyber attack?

There are a number of steps that you can take to ensure your are less at risk. With specific regards to this latest attack, the UK’s National Cyber Security Centre has published a step-by-step guide for system administrators on how to contain the spread of WannaCry.

In addition to preventative steps, many risk can be insured against, either within your general business insurance, or as a stand alone cover. Typical Cyber insurance policies cover the following:

  • Network Interruption
  • Privacy breach costs
  • Cyber extortion / ransomware
  • Hacker damage
  • Media liability
  • Cyber forensic support
  • Outsource Service Providers
  • Data Protection Fines
  • Data Protection Investigation
  • Event Management to mitigate reputational damage

If you would like to understand more about Cyber Insurance or would like to talk to an advisor about your potential risks, please contact Dean Spurdens on 0118 979 2121 or e-mail deanspurdens@bjpinsure.com

2017-05-19T16:47:37+00:00 May 19th, 2017|