Cyber Risk – Why your business should be aware

Do you consider your company vulnerable to cyber risk? If you think the answer is no then consider this for a minute - does your company use any of the following: computers, the internet, email, social media, smartphones? If the answer is yes, then you do have some level of vulnerability as cyber is simply a term used to refer to computers, IT and electronic communication. Those carrying out cyber-attacks typically use Malware to launch these attacks. Knowing about the types of attack you may face and how you can protect your business and educate your staff to reduce the likelihood of an attack is key. Common types of malware include:

1. Viruses - as the name suggest, these infect your computer and effectively make it ‘sick’ – they can also replicate and spread across computer networks. Once installed, they can be used to steal information, money or harm a computer system.
2. Worms – similar to viruses, but require no human involvement to spread across a network
3. Spyware – this can record activity on your computer without you being aware – e.g. collecting your passwords to pass on to fraudsters
4. Trojans – disguising themselves as legitimate software they trick the user into downloading or opening them. Once opened, they then give a remote party access to the computer system.

Whilst high profile cyber-attacks affecting companies such as the NHS, Telefonica and shipping giant Maersk have thrown cyber-crime into the limelight, it’s important to be aware that cyber-crime can hit any business, large or small – figures from the Governments 2017 Cyber breaches survey suggests as many as 52% of small organisations have been subject to some kind of attack. So, if you run a small business, do not think you are immune – some suggest that the threat to small businesses may be higher given the fact that they make less of an investment in defences against cyber-crime and are therefore easier to compromise. We blogged back in 2016 about the fact that cyber-crime is a business issue, not a technology issue,  given the possibility for reputational damage, damage to assets and legal and regulatory exposure. Whilst time has moved on, the importance of putting steps in place to mitigate against the impact of a potential attack hasn’t, if anything it is even more important in today’s environment. Here at Anthony Jones, we offer Cyber Insurance and can work with you to help identify the right insurance to suit your unique business requirements. Selecting the right insurance is critical to help minimise any impact of a cyber-attack on your business – visit our cyber insurance pages to find out more about what we offer and how we could help you.