The risk of losing funds or data, or technology being denied or failing due to accidental or malicious interference, has never been greater.
Increasingly, organisations rely on technology to drive core business objectives, causing cyber risks to have exponentially increased in recent years. Cyber incidents can disrupt businesses through reputational damage, operational downtime, financial loss, and legal action.
Cyber Risk insurance cover should be held by any business which:
- holds personal data (such as names, addresses, and banking information)
- electronically stores business-critical data
- is reliant on technology to conduct business
- has a website
- has an online bank account
- is subject to a payment card industry (PCI) merchant services agreement
Getting cyber security and information protection right can be a challenge for all companies, no matter their size.
Technology needs people to operate it. At risk are core business functions and objectives, resulting in partial or complete ‘bottom line’ loss.
A ‘belt and braces’ approach that reduces the peril with timely protocols and mitigates risks with relatively low-cost insurance.
Cybersecurity is no longer a peripheral responsibility; it must be considered as a priority risk that can wipe out the bottom line in its entirety. Therefore, the ultimate responsibility must sit with the company director – even if they have delegated the management of cybersecurity to others.
With the emergence of ransomware and other malware, cyberattacks are a real and present danger to small businesses.
Promote staff awareness; use firewalls; install anti-virus protection, disable unnecessary functions & services on devices/software automatically set to the manufacturer’s default, use two factor authentication, restrict administrative privileges so only those that need access to certain files/data have access, switch off Wi-Fi if not using it, don’t use free or unsecure Wi-Fi and password protect your devices and accounts.