Many SMEs Still Uninsured Against Cyber Attacks
Despite knowing and understanding the risks, many small and medium-sized enterprises (SMEs) are still uninsured against cyber attacks. This means that businesses aren’t protected if they’re the victims of a cyber attack, be it malware, ransomware or phishing. Not only should businesses prepare for and mitigate the risks for cyber attacks, but they should also have the right insurance policy to make sure they’re covered if something does slip through the defences. So what are the risks to SMEs when it comes to cyber attacks, and what cover is available?
Types of Cyber Attack
There are a number of cyber attacks that you should be aware of if you run a small or medium-sized business. No matter if you have an online-only business or only use digital as a small part of your business, you can still be vulnerable to a range of different cyber threats.
Malware (Including Ransomware)
Malware is any type of software that is installed on your system without consent that can cause damage. Computer viruses are a type of malware and can hide in your computer without you even noticing. Spyware is when a program is installed to collect information about you and your computer, tracking everything you do. Adware is when your computer becomes infected by pop-up ads.
Ransomware is a type of malware that can block you from accessing important and confidential company data, with the software demanding a ransom to be paid to regain access. A failure to comply could see those files either deleted or released to the public.
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Phishing
Phishing is a type of attack where emails are sent that look legitimate on the surface but are used to gain personal or confidential information from someone or to encourage them to perform an action. This could be downloading an attached file or visiting a harmful website, which is one way in which malware can reach your computer.
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Password Attacks
Passwords are used in almost every digital system to authenticate users, but when two-factor authentication isn’t available, logins are susceptible to attacks if passwords are too weak, too obvious or too guessable. Passwords can also be stolen through malware and phishing attacks to gain access to important information or systems.
Distributed Denial of Service (DDoS) Attack
This one is important to take into account if you run a website. A distributed denial of service (DDoS) attack is when your website is bombarded with traffic, so much that it overwhelms the site and its server, causing the website to crash and stop working. Co-ordinated attacks like this could be to simply disrupt a business’s sales or operations, but it’s also an opportunity to hold a company to ransom.
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Cyber Risk Management & Insurance
Because cyber attacks are a massive risk, you’ll want to ensure you have cyber insurance to protect you from any attacks that lead to a loss of earnings or hold you to ransom to access company accounts and data. By not having cover you’re leaving yourself vulnerable; one single attack could see your company fold if data is lost or you have to pay a fortune to retrieve it.
You’ll also probably require an insurance policy which comes with a risk management policy. By doing that you can ensure that every potential area of attack is managed, making your business less vulnerable to attacks. And by managing the risks, you can ensure that premiums would be as low as possible because the likelihood of an attack is lowered through successful risk management and implementation.
[broker_name] can work with you to create a unique policy that takes into account how much of cyberspace your business uses and how much of a threat cyber-attacks are to your business. Making sure you have the right policy in place can prevent disasters if you do fall foul of a cyber attack.
