In an ever-changing digital world, it is increasingly important to be aware of risks your business could face online. Cybercrime can impact your business in several ways, and a cyber-attack can potentially cause reputational and financial damage to your business. In the last 12 months, up to 88 percent of UK businesses suffered data breaches. Also, one small business is successfully hacked in the UK every 19 seconds. Losing all those years of hard work takes less than a minute. As a business, you know how long and hard you have worked to earn your customer’s trust and build a reputation. Without the right precautions, your business might be at risk of a cyber-attack. To understand cyber-attack threats on your business, here are some insightful statistics on cybercrime:
According to recent Gov.UK reports, four in ten businesses reported having cybersecurity breaches with an estimated of over £10,000 in the previous year Despite these figures, fewer businesses are deploying security monitoring tools, meaning they are less aware of breaches or attacks their businesses might face. Cybercrime is far more likely to be committed against SME businesses among business groups, and as the world becomes more interconnected, cyber-crimes against SME businesses are rising.
GDPR has woken many businesses up to the risks of cyber-crime and their responsibilities in this arena. This is not just about your reputation and livelihood; it is also about protecting your employees, customers and clients as well.
Unfortunately, this is likely to be an area of growing concern and highlights the need for adequate safeguards/controls and a Cyber Liability Insurance policy.
Cowens Survival Capability and Risk Solutions recommend that on a basic premise, you should:
Prepare a data breach plan with step-by-step actions to take
Rehearse the plan with all employees
Designate who is responsible for what during a breach
Regularly circulate and update the plan, so senior staff are familiar with it.
Cowens can help you create your cyber plan, implement it and monitor it.
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