May 2022
2021 was the worst year on record for cybercrime, with all sizes of business affected. Reports indicated that larger companies have taken the threat more seriously, while SME’s still fail to understand the problem, placing them at increased risk of attack. Here, we look at the causes, the risks, the fallout and the solutions… The human factor The growth of the digital world has put us all at risk of cybercrime. The number one entry point is the human/machine interface, with more than 85% of cyberattacks starting with the human factor. This has made us susceptible to emotional manipulation and social engineering. The risks Nearly all organisations have been targeted at some point by email-related phishing attempts. Data leaks and business email attacks are close, while three out of four worldwide organisations report being attacked by ransomware. Worryingly, out of those companies who paid the ransom, just under half failed to recover their data. The fallout Loss of income, costs to restore the network and replicate or replace lost data, regulatory fines, forensic costs, PR costs, legal fees are just some of the implications; it can take months to bounce back. And there’s the need to inform the Information Commissioner’s Office (ICO) within 72 hours, often causing panic within a business. The solution Robust cybersecurity measures are essential, including staff training and online protection. What would you do? Bespoke cyber insurance is vital. You need someone to help, who has the experience, know-how, and the ability to resolve the issue. At Turner Rawlinson, we work with you to provide tailored cover that addresses your specific cyber risks. A typical policy covers first-party network loss, privacy and security liability, media liability, privacy regulation, crisis management and cyber extortion, with additional covers available. To find out more, download our free booklet on cyber insurance here. To arrange cover, call Turner Rawlinson today on 020 8450 5336 or email us at enquiries@turnerrawlinson.co.uk
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