Cyber criminals are on the prowl
1st April 2015
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Cyber-crime is on the rise and Shropshire businesses who ignore the risks are easy targets, according to a local insurance broker.
Dave Williams, from Henshalls, said the frequency and severity of cyber attacks was constantly growing in the UK.
“Despite the fact that cyber-crime is costing companies across the UK billions of pounds each year, many Shropshire firms don’t bother to insure against it, because they think it will never happen to them.
“So far, according to the latest figures, only around 13% of UK firms are covered by some form of cyber security insurance which just shows business owners do not consider it as a serious threat.
“And yet, this kind of crime doesn’t just affect large businesses – anyone who uses email, has a smartphone, or uses a computer, is at risk.”
Dave said many organisations either opted to add cyber cover to their existing commercial insurance policies, or they set aside contingency funds for any potential incidents.
“But this is a really dangerous tactic as a piecemeal approach to cyber attacks could leave dangerous gaps in your cover, leaving your firm underinsured.
“New cyber scams are now developing at an increasingly rapid pace, wiping out many current protection systems as they become even more intricate and advanced, so any gaps in your cover are only likely to grow still further.
“Existing regulations and legislation cannot keep up with the changing face of these attacks, so business owners really do need to remain vigilant and maintain up-to-date cover to combat the very latest threats.
“Even with the right cover though, you can have the greatest firewall and anti-virus software in the world, but if a socially engineered email comes through to you and you click on the link in all innocence, all of those systems can be breached.”
Dave said: “The annual cost of cybercrime is staggering. You must adapt to find fast-moving solutions to protect your digital assets, and ensure you have the right insurance policies in place to plug the gaps in your cyber cover.”
