Protect your business by investing in cyber insurance
Over the past few decades, the role of networked computers in the workplace has grown exponentially. They’re used to store records, to enable new and more efficient kinds of work, and even to allow for remote working. During the coronavirus pandemic, this trend accelerated, with millions of British workers forced to do their jobs from home.
All of this computerization imposes a specialized kind of risk, which requires a specialized kind of cyber insurance. Almost half of UK businesses have experienced a security breach in the past twelve months, but just 11% of them have a specialized insurance policy in place.
While it’s possible (and desirable) to limit the chance of a cyberattack by putting in place procedures, firewalls and updated antivirus software, it’s impossible to reduce the likelihood to zero.
The risks of cybercrime
If your business operates online from day to day, then a cyberattack might be severely disruptive. You might find yourself unable to take payments, or unable to process payroll. This interruption will not only prevent you from operating, but it’ll inflict damage on your reputation that will be difficult to undo.
A more glaring problem is the possibility of a data breach. If you’re holding data from multiple employees and customers, and that data is compromised as a result of a breach, then you might find yourself in legal hot water. You might have to pay damages to injured parties. If you’re running a very small business, then consider that a data breach might consist merely of the data on your smartphone.
Even if you manage to recover your data, hackers may already have a copy of it. This data might be used for illicit purposes. This is especially pertinent if you’re creating proprietary code or have other plans which are set out digitally. Once the secret is out there, it can be used for illicit purposes.
An increasingly popular form of malicious software is a so-called ransomware program. These will lock a business out of their systems, with the intent of extorting money. In some cases, the attacker will release the system once the fee is paid – but in others, they will not.
Phishing remains the most popular form of cyber-attack, because the cost of making the attack are so low. Phishing emails are increasingly plausible and sophisticated, and business must put in place procedures to help staff identify malicious communications.