The number of cyber-attacks is constantly increasing. Small businesses are just as much under threat as larger businesses, so there is no such thing as flying below the radar! In fact, many smaller businesses are more vulnerable than ever, with many attackers automating their systems. Even a small cyber-attack can wipe out a business overnight and could cost your business millions. Getting the right cyber security insurance is not just a no-brainer; it's an essential requirement if your business is to survive.
What is cyber security?
Simply put, cyber security deals with data breaches that cause a loss to your business. Ranging from intellectual property, General Data Protection Regulation (GDPR), and any other sensitive information falling into the wrong hands. It not only includes online software and hardware-connected systems but also damage to the technical infrastructure, technology, and reputation of a business. As a result, the ramifications are vast, complex, and extremely costly.
Phishing
This is the first step in attacking your business, often by creating malicious links that entice unsuspecting victims by posing as genuine business contacts or websites. Tricking users into downloading malware is the most common type of attack used to gain access to passwords, account details of customers, or any of your business's sensitive information. Attackers favour using fake links in emails; that said, SMS, voice phishing, and clone phishing are becoming increasingly popular.
Malware
Often ranked as the second biggest threat, particularly to small businesses, and, in some ways, the second step to unleashing chaos via malicious links. The attackers create code that will gain access to your business’s data, stealing, destroying, or holding it to ransom. Infecting your computers, software, and systems, rendering them useless. The consequences are devastating and can ruin your entire business in minutes.
Ransomware
Once the attackers send a malicious email and deploy malware, they have access to your company’s data. Often, they will encrypt it, or steal it, forcing you to pay a ransom for its return. Sadly, in many cases, if the ransom is paid, your organisation’s data may never be returned, with crippling consequences and extremely costly remedies.
Weak passwords
Creating weak passwords will make it easier for attackers to gain access to your cloud-based systems or customer data. Financially sensitive information or data based on your customers or business in general will become seriously compromised.
Internal threats
Employees past and present, as well as private contractors, could also pose a serious threat to your organisation through malicious intent or by simply clicking on a bad link accidentally.
Insurance
No matter what level of security you put in place, or security awareness training you provide to prevent your business from potentially being wiped out, a good cyber insurance policy will protect your organisation from the constant, growing threat and devastating financial consequences of a cyber threat.
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