Businesses have been warned they are never too small to be at risk from cyber-crime.
Dave Williams, said micro-businesses operating from a spare bedroom with just one person running the operation were facing just as much jeopardy as large national corporations.
“You may think your business would never register on a potential cyber criminal’s radar, but if you use email, or you have a website, or you store customer data electronically, then you may well be at risk – so in reality, everyone could be a target.
“For cyber-criminals, holding 100,000 small businesses to ransom by hacking and locking down their systems is potentially more lucrative than one attack on a large business too, so it’s vital that you protect yourself.”
Mr Williams said with cyber attacks on the increase, it was more important than ever to have the right insurance in place as companies were storing more and more electronic information.
“The main objective of cyber insurance is to protect against the loss of such precious information, but on its own, just having a policy in place is not necessarily enough.”
Mr Williams said despite potential losses of thousands of pounds, a survey of over 1000 UK SMEs also showed almost half only planned to spend around £1,000 or less on their cyber defences in the next 12 months.
“Your customers will want to be reassured that you have the appropriate cover and security measures in place, as the risk of their details being hacked is something that no-one wants to contemplate.
“Taking a tough stance on cyber protection could also help your business to attract potential new customers as it will give them confidence that any information they share with you is likely to be safer.
“So don’t be fooled into thinking that cyber security is something that only the world’s biggest companies need to worry about.
“The rising rate of attacks on small businesses is a worrying trend, but for companies with effective insurance cover and strong procedures in place, you could use your position to gain a real advantage on your competitors.”