Cyber Security Awareness Month

October is Cyber Security Awareness Month, a time when businesses are reminded of the critical importance of safeguarding their digital assets.

As businesses rely more on technology for operations, communication and data storage, they also become more vulnerable to cyber attacks, data breaches and digital fraud. The consequences of a cyber attack range from temporarily disrupting and putting a business out of action to financially destroying it.

Businesses of all sizes are at risk, and cyber attacks can be devastating.

Cyber attacks come in various forms and some of the most common include:
– Phishing attacks, where fraudulent emails or messages are designed to trick employees into revealing sensitive information, tempting an employee in the business to click on a malicious link.
– Ransomware attacks, where malicious software that locks down data or systems, demanding payment for their release.
– Data breaches, where sensitive, confidential or protected information is accessed or disclosed without authorisation.
– Business E-mail Compromise. This is a newer form of phishing attack where cyber criminals impersonate senior executives/directors to trick employees into transferring funds or sensitive data.

Why should you consider cyber insurance cover for your business?

Cyber insurance is designed to help businesses recover from the financial impact of cyber-related incidents.

Specialist insurance can be arranged to cover for a variety of losses that might arise from a cyber attack including:
– Covering expenses relating to data recovery, notification to affected parties and potential legal fees.
– Business Interruption consequences. If your operations are halted due to a cyber incident, cyber insurance can compensate for the loss of revenue during downtime.
– Cover for ransomware attacks, including negotiation and payment of the ransom (if required). This is known as cyber extortion cover.
– If your business faces legal action due to a cyber incident, cyber insurance can cover legal fees, including any fines imposed by regulators.