This month we’re looking at Cyber and Crime Insurance. Not all Cyber and Crime policies are the same, so it pays to have expertise on your side. That’s where we come in.
One look at the latest figures on cyber-crime is enough to scare even the most confident of business owners. The Department for Digital, Culture, Media and Sport (DCMS) identified that almost half of UK businesses suffered a cyber security breach or attack during the 12 months prior to March 2020. This concern is further compounded by the latest available figures from the Office of National Statistics (ONS) which show that you are more likely to be the victim of online fraud or cyber-crime than any other crime. Sadly, it’s probably not an exaggeration to say that if your business hasn’t yet been a victim, it’s a case of when and not if.
Whilst we don’t like to scaremonger, it is important that we have conversations with our clients to ensure that they are adequately protected. Pandemic aside, we believe that cyber-crime is the biggest threat to the success of businesses right now.
Prevention and education are key.
Having a good Cyber and Crime policy in place will help protect you if something does happen but doing all you can to prevent it happening in the first place is crucial. We’ve got five top tips for you and your business to help:
Tip 1: Employee Education
Maintain constant awareness of the risk of a cyber-attack. Provide staff training, produce security policies and keep on delivering the message.
Tip 2: Guard your network
Guard your network and filter out any malicious content. We recommend producing a plan for regular monitoring and testing of your security systems.
Tip 3: Establish strict rules for flash drives
Rigorously control all access to flash drives and removable media devices. Scan everything for malware before allowing it to be imported into your systems.
Tip 4: Define your mobile working policy
Working from home is more prevalent than ever. Make sure you have a mobile working policy and train your employees to protect data in transit.
Tip 5: Be prepared
Be sure to have business recovery plans so, if something does happen, you are ready to respond quickly. It can make all the difference.
Protect against cyber and crime
But what is the difference? Put simply, cyber is all about the data and crime is all about the money. So, if a hacker steals your business’s data or affects any of your key computer systems, that’s cyber. A Cyber and Crime policy would typically cover your data and that of your customers, suppliers or other third parties if they take you to court for misappropriation of their data.
On the other hand, if a hacker uses digital methods to steal money or commit financial fraud, including employee theft and collusion, that’s a crime.
At Kerry London we think that a cyber policy without crime cover isn’t worth the paper it’s written on. Your business needs protecting from both cyber and crime to ensure that you have the right cover in place.
We’ll leave you with some thoughts from our Managing Director, Neon Mavromatis:
“There’s little doubt in my mind that cyber is a key emerging threat to all businesses right now. It’s a constant topic of conversation with our clients because there are just so many ways in which a hacker can create real and lasting damage to a business. Ensuring your business is covered for cyber and crime is critical.”
If you’d like to talk about Cyber and Crime cover then please do get in touch with us on 020 8225 1165 to find out more. We can work with you, to ensure you are protected for the relevant risks to your business.