Industry News

How Can You Protect Your Business From Cyber Attacks?

Cyber Attacks

March 2016

Cyber attacks are on the increase. We have all heard of the big cases hitting the headlines with the likes of TalkTalk and Ashley Maddison, but we are now seeing increasing numbers of SME’s being targeted and in some cases held to ransom. In the last few weeks alone, we have had two clients affected in this area. A construction professional who had most of their data corrupted by a simple hack and a retailer who was held to ransom once hackers had gained access to their system.

Businesses cannot afford to be complacent in this area. The threat of a cyber attack on your business is real and should be protected against in the same manner as you would protect your physical property from theft or a fire.

Data Protections Laws are changing with possible fines of up to £1,000,000 levied by the Information Commissioners Office, as well as making it a requirement for companies to provide measures such as credit monitoring for all data subjects who are affected by a Data Breach. Aside from the financial penalties and cost implications, there is also a serious risk of reputational harm which needs to be considered and effectively managed.

Does your business currently assess the risks posed by a Cyber Attack? If not you should consider the following points:-

  • How to prevent an attack occurring with adequate security measures
  • Repair of the system and investigation into the cause to prevent a reoccurrence
  • Restoration of any data that has been lost
  • Notification to your customers who are subject of the data breach
  • Credit monitoring and handling queries from parties affected by a Data BreachPR management to prevent reputational harm

The unfortunate truth is that you could have the best measures in place but still be the victim of a Cyber Attack. When all else fails, wouldn’t it be nice to know that there is a safety net in place which covers all of the above points and provides assistance in identifying appropriate safety measures.

That safety net is otherwise known as Cyber Liability Insurance.