The subject of data privacy and security can raise a lot of questions. It is a complex topic which makes it even more evident that the protection of a business’ security needs to be placed in reliable, capable hands.
This week, we challenge you to test yourself! Answer the questions below to find out how good your understanding is of the risks of cyber crime. Click the box to find out the answer.
According to a 2016 report, two thirds of small businesses have experienced a cyber attack, resulting in an estimated £5.26 billion loss to the UK economy. Yet shockingly only 39% of large organisations and 27% of small businesses have insurance that covers the consequences of a data privacy breach. This is despite a cyber attack costing anywhere in the region of £193,000 for small businesses and £2.3 for larger organisations.
Source: 2016 Cyber Resilience: how to protect small firms in the digital economy, conducted by the Federation of Small Businesses. 2015 Information security breaches survey, commissioned by HM government
All businesses have a legal obligation to securely protect the information they hold, both in terms of their clients, prospects and employees, as well as any data held on behalf of a third party. Any loss of personal data should be disclosed to the Information Commissioner’s Office (ICO) and can result in significant fines and penalties, not to mention the significant reputational damage to a business.
Source: 2013 Information Commissioner’s Office: Data Protection Regulatory Action Policy
43% of attacks to healthcare, retail, hospitality and financial companies, according to a 2017 study, were caused by phishing, hacking and malware. 18% were caused by lost or stolen devices or records while 4% were caused by internal theft. However, concerningly 32% of data privacy breaches were a result of employee actions or mistakes.
Source: 2017 Incident Response Report, conducted by Baker Hostetler
Businesses can create, or review an already existing, cyber policy which should cover rules on password protection, malware resistance, and regularly updating software. Unfortunately, malicious events can still happen despite safeguards being in place which is why securing cyber insurance to protect against the consequences of an attack, after it happens, is so vital.
Source: Cyber Essentials, National Cyber Security Centre: www.cyberessentials.ncsc.gov.uk/advice
Call 01223 792290 to find out how you can protect your business from the consequences of cyber attacks.
NWBIB is a trading style of NWBIB Ltd | The Boardwalk, Cambridge Research Park, Cambridge CB25 9PD | Registered in England and Wales No. 01149934 | Registered Address: Lakeside 300, Old Chapel Way, Broadland Business Park, Norwich NR7 0WG | Authorised and Regulated by the Financial Conduct Authority
Part of One Broker Group