How much is your brand worth?
10 November 2022
Question: What’s the most valuable brand in the world?
Answer: YOUR brand.
A strong brand and reputation for excellence is hard won and is built on your sustained commitment to your clients through accessibility, reliability and project delivery. These commitments are honoured by you and your most important asset, your employees. However, one human error, one simple mistake could cause irreparable damage to your company’s reputation and bottom line.
The risk of losing money and data, or technology being denied or failing due to accidental or malicious interference, has never been greater. Technology has transformed the way we live and work. Whether it’s to improve efficiency; reduce costs; record-keeping; logistics; making and receiving payments; co-ordinating with suppliers and contractors; social media; back office admin; or just the daily use of mobile devices and email, the ‘cyber-attack surface’ is growing. And cyber risk has fast become the top concern for most businesses, globally.
All it takes is for one person to accidentally click on a malicious link or fall victim to a social engineering attack, and it can easily result in your funds being transferred to a criminal, installation of ransomware, or unwittingly giving away credentials and inviting a ‘threat actor’ into your network.
And the risk doesn’t just lie within your organisation. How heavily do you rely on your supply chain partners? If they suffer a cyber incident and lose access to their systems, how easily and quickly can you source the same materials at the same rates? Being left unable to operate despite not having suffered a breach yourself can still impact you financially and damage your reputation if contract deadlines are missed as a result.
Theft of funds, inability to communicate with your clients and project delays can not only cause financial implications and legal action, but can erode confidence in your business resulting in loss of customers and long term damage to your brand reputation. Cyber criminals do not discriminate! No sector is impervious to attack, and cyber threats within the Construction & Property Sector are a real and growing concern.
Cyber incidents are costly and complex. Without the in-house expertise, budget, resource and experience to handle such events, a victim is left not only out of pocket, but with an overwhelming sense of panic and distress. Transferring your risk with a cyber insurance policy can provide peace of mind through necessary financial protection, access to threat intelligence and monitoring capabilities, as well as a team of “emergency service” incident responders (cyber forensic specialists, legal counsel, crisis communication) on hand 24/7 to support you when the worst happens.
Do you need a Cyber Insurance Policy? Take our quick quiz to find out:
- Do you send or receive electronic payments?
- Do you electronically store personally identifiable or business critical information?
- Do your business operations rely on access to computer systems or data?
- If the system of one of your major suppliers went down, would it impact on your ability to trade?
- Do you outsource any functions of your IT?
- Do any of your employees work remotely?
- Would you feel more confident knowing you have a team of cyber specialist incident responders supporting you, and a product that works proactively to detect, inform and prevent vulnerabilities from turning in to compromises?
If you answer ‘Yes’ to any of the above, it’s time to consider your options.
Get in touch with us today.
Written by Tom Barney
Sales Executive, Howden PII