To-date there has been a misconception that Cyber hacking is really only a problem for larger corporations; such as the recent breach with Talk Talk. The facts however don’t back this up.
December 16, 2015
The majority of businesses rely heavily on computers and its software as well as the internet when dealing with digital data. With this increasing reliance there is a direct correlation with the threat of cyber attacks; hacking, malicious attacks; stolen data and laptops; On top of this there are online attacks; system failures and employee negligence which are all equally as damaging.
To-date there has been a misconception that it is really only a problem for the larger corporations; such as the recent breach with Talk Talk. The facts however don’t back this up. In 2014 60% of small businesses suffered a cyber security breach. The average cost of breaches over 2014 have almost doubled. Many companies think that no one is interested in their data; however, a company’s reputation with suppliers, clients and its own staff would be at risk if their data was deemed to be poorly secured. On top of this is legislation coming in 2016 which will put greater emphasis and responsibility for companies to fully protect their data.
Now is the time for business across the UK to ensure they are fully aware of the tactics and options available to them to help defend themselves in cyberspace and guarantee they aren’t faced with heavy costs to their bottom-line and reputation, both of which go hand in hand. Cyber is a complex and extensive topic, perceived as difficult for small to medium sized businesses to approach meaningfully.
We at Square Mile Broking are here to help where we can. As well as giving our clients useful tools to help them defend themselves better against potential cyber attacks, such as; the 9 key steps to Cyber security protection, we can also suggest insurance solutions.
A recent survey conducted by the Association of British Insurer’s found that 90% of businesses surveyed weren’t aware that there was specialist Cyber Insurance available or mistakenly believed they already had the cover in place. Square Mile Broking is here to help. Below we have summarised the key reasons why we believe you need to act now:
1. Cyber-crime is one of the fastest growing forms of crime in the world;
2. Cyber threats are at the cutting edge of technology, changing so rapidly that it is almost impossible for individual companies to keep their defences ahead of the game;
3. Businesses are increasingly dependent on IT for their everyday activities;
4. Cyber-attacks and failures can result in businesses closing or having to dramatically change what they do.