With Sonia Blizzard of internet service provider Beaming calling 2019 the worst year on record for cyberattacks against UK firms, broker Credent Commercial Insurance has called on businesses to be extra vigilant.
According to Beaming, companies in the UK had to deal with an average of 66 attacks per hour in the past year. Managing director Blizzard pointed to how most business leaders incorrectly assume that their broadband router and antivirus systems will be enough of a protection.
For Credent managing director Niel Jones, the matter is best addressed by taking preventative measures. Commenting on the prevalence of breaches, Jones said: “The rise has been quite alarming, with cybercriminals using an incredible number of different ways to try and penetrate IT systems.
“The costs of trying to piece a business together after an attack are far greater than initially seeking out any issues and putting systems right, especially loss of revenue from disturbed trading and the possibility of claims by a third-party affected by a security breach.”
It was also highlighted how a mere 11% of businesses purchase cyber insurance, as shown by last year’s Cyber Security Breaches Survey by the UK government.
“Companies must engage staff in robust cybersecurity programmes, ensuring they are prompted to think before clicking on a link, hover over an email address before trusting it, and be dubious about requests from managers requesting big money transfers into their account,” added Jones.
“Cyber insurance has a value beyond repairing the damage done to infected systems, or financing website rebuilds. It can help deliver access to specialist expertise, ensure key elements of protection exist, and better manage a business’s overall cyber risk.”
The MD stressed: “After a broker’s assessment, key strategies can be employed, to avoid a business becoming yet another cyber statistic.”
