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<\/figure><\/div>\n\n\n\nInternet\ntechnology has been billed as the great liberator. And there\u2019s no doubt it\u2019s\nfreed up businesses to trade in evermore sophisticated ways.<\/p>\n\n\n\n
But it\u2019s also brought new risks in the form of cybercrime. The kind of risks that cost small businesses in the UK \u00a317 billion<\/a> in 2018, according to business internet service provider, Beaming. <\/p>\n\n\n\n That risk is growing as hackers up their game. So, being in the business of helping businesses reduce<\/em> their risks, we thought we\u2019d find out how many of you out there have already done something to protect your business from cyber-attacks. <\/p>\n\n\n\n <\/p>\n\n\n\n We\nsurveyed 500 small business owners from across the UK and, somewhat shockingly,\nfound that almost 90% have NO insurance that covers them for cybercrime. Zilch.\nNothing.<\/p>\n\n\n\n That\u2019s worrying when 56% of those surveyed said the main likely impact on their business would be the clean-up cost. Even more so when the damage cyber-attacks inflict on small businesses averages \u00a325,000 a hit, according to insurance provider Hiscox.<\/p>\n\n\n\n Hiscox\nalso estimates that a shocking one-in-three small businesses suffered a\ncyber-attack in 2018 \u2013 with one business attacked every 19 seconds. Phishing,\nransomware, social engineering, malware, phreaking, viruses, website defrauding\nand hacking were all in the mix. (More about what these are here<\/a>.)<\/p>\n\n\n\n So, on that evidence, an attack looks likely. That’s something 86% of our respondents agree with, which makes it even more crucial to protect your business from cyber-attacks. Yet somewhat scarily, almost 40% say they haven\u2019t put any additional measures in place.<\/p>\n\n\n\n <\/p>\n\n\n\n Some businesses have at least made a start by putting extra IT security in place (34%), finding a more robust way to back up data (30%) and educating staff on how to spot and steer clear of scammers (15%).<\/p>\n\n\n\n A\nsmall step in the right direction, then. <\/p>\n\n\n\n However, the reality is that there\u2019s no foolproof way to prevent an attack. Hackers are clever, employees can sometimes be fooled into clicking things they shouldn\u2019t, and all the IT security in the world won\u2019t guarantee your systems are invincible. <\/p>\n\n\n\n In fact, there\u2019s been a rise in the number of cyber-attacks being reported, suggesting this is a \u2018not if but when\u2019 situation. Beaming\u2019s research<\/a> found that nearly two-thirds (63%) of small businesses fell victim to cybercrime in 2018 \u2013 up from 47% in 2017 and 55% in 2016. <\/p>\n\n\n\n Rather ominously, more than a third (34%) of the businesses we asked said they’d react with a recovery plan only if<\/em> and when<\/em> a cyber-attack happened. That, however, would be too little too late, since the key to surviving an attack is being prepared and reacting quickly. <\/p>\n\n\n\n <\/p>\n\n\n\n A three-pronged approach is best to protect your business from cyber-attacks: <\/p>\n\n\n\n <\/p>\n\n\n\n If you use computers, email, have a website or store data electronically, think about how to protect yourself now. So:<\/p>\n\n\n\n There’s always more you can do with your tech, and it’s worth investing in an IT specialist’s expert advice. <\/p>\n\n\n\n <\/p>\n\n\n\n More than nine in ten (92%) of the people we surveyed said cybersecurity is the MD’s, CEO’s or owner’s responsibility. But it only takes one member of staff to click on a malicious link in a bogus email to have a breach. <\/p>\n\n\n\n That\u2019s why it\u2019s important to educate and train all<\/em> your staff. Make sure they know what to look out for, what to avoid, and how to handle any suspicious-looking emails. <\/p>\n\n\n\n <\/p>\n\n\n\n The right insurance helps you when you need it most. That\u2019s because time is of the essence when you\u2019re hit by a cyber-attack. You need to deal with the situation and get your business up and running again as quickly as possible.<\/p>\n\n\n\n Cyber insurance not only gives you tech help to stop an attack, repair your systems and get your website back up, it also pays for legal muscle and covers compensation if you\u2019re sued for losing people\u2019s personal data. Plus, it takes care of your lost income while you can\u2019t trade as normal.<\/p>\n\n\n\n It\ndoes a whole bunch of other stuff too, but most importantly, it means you\u2019re both\nprepared for a possible cyber-attack and protected from the worst consequences\nof one. And that makes good business sense.<\/p>\n\n\n\n If you want to be covered for things like social engineering and financial crime, check your policy – sometimes it’s an added extra. But one well worth having. <\/p>\n\n\n\n Find out more about cyber insurance and how to protect your business from cyber-attacks by clicking here<\/a>. <\/p>\n\n\n\n Thanks to cyber risk management specialists <\/em>KYND<\/em><\/a> for supporting our survey with the offer of a free cyber risk summary for all respondents.<\/em><\/p>\n\n\n\n <\/p>\n\n\n\n To embed this image – copy and paste the code below<\/strong><\/p>\n\n\n\nNumbers speak volumes<\/h2>\n\n\n\n
Small steps<\/h2>\n\n\n\n
How to protect your business from cyber-attacks<\/h2>\n\n\n\n
1. Make your IT security the best it can be <\/strong><\/h3>\n\n\n\n
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2. Train your staff <\/strong><\/h3>\n\n\n\n
3. Get the right cover<\/strong><\/h3>\n\n\n\n
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