We’ve all heard about major corporations falling victim to cyber attacks because they’re reported in the news. But what you don’t often hear about is the small law firm that transfers £100,000 to a fraudster as part of a social engineering scam or the private hospital unable to use their computer systems for days because of a destructive malware attack.
Just because events like these aren’t reported in the mainstream media doesn’t mean they aren’t happening. In fact, attacks against smaller organisations are now so frequent they are no longer newsworthy. A recent Verizon report found that 58% of victims were categorised as small businesses. Specialist insurer CFC Underwriting reports that 95% of funds transfer fraud claims, their largest source of claims by number, come from businesses with revenues under £100 million.
A Zurich SME Risk Index found that 1 in 6 SMEs had suffered a cyber attack during the previous 12 months. In many ways, smaller businesses are more vulnerable to cyber crime, because cyber criminals see smaller organisations as low hanging fruit because they often lack the resources necessary to invest in sophisticated IT security or provide cyber security training for their staff, making them an easier target.
If your business was attacked, how easy would it be to detect the source of the attack, and identify what data had been compromised? How easy would it be to prevent the breach spreading? How much time would it take to alert all those whose data had been breached? How would it impact the business’ reputation?
We are seeing a far greater interest in cyber related insurance enquiries. Please contact Yutree on 01638 660651 to discuss how we can help to protect your business.