What measures have you put in place to protect your business from cyber attacks?
A recent Government Security Breaches Survey has found that three-quarters of small businesses reported a security breach in the past year, an increase on both 2013 and 2014 figures.
“SMEs have not historically been the target of cybercrime but in 2015 something drastically changed,” commented Toni Allen, British Standards Institute (BSI).
In other research cyber security firm Symantec, recently found that over half of spear phishing attacks carried out last December were targeted at SMEs.
Hackers are becoming increasingly aware of the vulnerability of small businesses who often dedicate only a fraction of their already-limited budgets to online security measures. Hackers know they can carry out a worthwhile cyber-attack quickly and with ease.
SMEs are also under increased pressure following the EU’s new General Protection Regulation, which will come into force in 2018. Under the new law, firms could face fines of up to €20m or 4% of their annual turnover – whichever is greater – if a security breach results in their client data being compromised.
It’ll never happen to us
Cyber security expert Sarah Green said the most dangerous phrases used by SMEs is, ‘it’ll never happen to us.’
“By their very nature, thriving small businesses are innovative and niche, which again is very attractive to the bad guys who may be interested in customer data and intellectual property and know exactly how to pick out the weak targets,” Green said.
What can you do to protect your business from hackers?
Installing antivirus and malware software, ensuring passwords are secure and educating staff on cyber-attacks are just some of the steps you can take towards ensuring all sensitive data is well-protected. Have regular data-back-ups in place and if your business is reliant on data develop a plan to deal with any major data breaches.
In addition make sure you have cyber insurance in place to cover any losses and help get your business back up and running again. Data corruption as a result of a cyber attack can often cost more than a material damage claim.
At Greenfield Insurance we can arrange cyber insurance either as a standalone cover or part of your computer or business insurance package. Please contact us to discuss your requirements or to get a quote.