Companies are being urged to protect themselves from cyber criminals, with increased attacks being reported with the vast amount of companies not having the necessary cyber and data insurance or even an incident management plan in place.
Cyber and Data attacks costs UK companies an average of £2.37 million every time one is carried out with the main targeted industries, financial services, pharmaceuticals, communications, energy and technology.
According to the latest statistics released by the cyber security firm Symantec, more than half (52.4%) of spear phishing attacks, carried out using fake emails in December last year were against SMEs, with November also showing a massive spike.
The issue of security for small businesses is made even more pressing by new European Regulations aimed at protecting customer data. The EU’s new General Data Protection Regulation will come into force in 2018 and could result in companies being fined up to €20m or 4% of their annual turnover, whichever is greater, for allowing any security breaches to compromise their customer data.
Companies have and are continuing to become more reliant on Cyber and data technology to grow their businesses but with many becoming the target of typical Cyber and Data attacks below, this is due to not have sufficient system security, insurance and incident management in place.
- Data interruption
- Damage from hacking
- Extortion
- Media
- Privacy
Question:
Does the company rely heavily on IT systems and websites to conduct their business, hold sensitive customer details such as names and address or banking information? Also, does the company process payment card information as a matter of course, if yes, Cyber and Data insurance is simple and cost effective to arrange via SJL.
To find out how SJL Insurance Services can assist with your insurance requirements, please call +44 (0) 1905 27775 or request a quote here.
