60% of small to medium sized businesses experienced a cyber breach last year. Is your company protected?
November 26, 2015
Cyber breaches are becoming increasingly prevalent, hardly a week passes without another attack making the news headlines.
In today’s wired world practically every aspect of your business is exposed, with cyber breaches costing businesses a whopping total of £50 billion last year. The most likely target is your client or employee data, along with your corporate information – so you owe it to your clients, staff and as well as your company’s reputation to reduce the risk.
Common perception has it that only large financial institutions and online retailers are at risk from cyber breaches, but unfortunately this is not the case. Data privacy breaches on small to medium sized businesses are a hacker’s sweet spot, with breaches costing between £65,000 and £115,000 per attack – and they are on the rise.
Such costs would vastly impact your bottom line, so incorporating cyber cover into your insurances is a smart financial step to take.
Unlike more common risk exposures, breaches can occur internally from an employee making a simple mistake, or halfway around the world from a professional cybercriminal.
Our simple checklist that every business can use to determine their current level of defence against a cyber breach is below. If your current defence is lacking, then Square Mile Broking can advise the options available to help you bridge any gaps.
We offer access to specialist global data privacy experts, as well as a range of risk management tools, breach scenarios and best practice advice.
Square Mile Broking are able to negotiate bespoke cover based on your business and your specific needs