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Small Business Cybercrime Losses On The Rise - In the modern world, we are all subject to cybercrime. The risk is there regardless of whether you run a small, medium, or large business and it is a crime that is fast growing.

Impact of cybercrime on small businesses

Criminals are targeting much smaller businesses than previously, and no one is safe. If you think your business is too small for cybersecurity think again. The Federation of Small Business estimates that fraud and cybercrime is costing every one of Britain’s small businesses approximately £800 a year.  

In 2018, there were 430 million hybrid versions of Malware detected, all targeting any size of business.

What is causing cyberattacks on businesses?

Business cybercrime is being mainly caused three main things, some of which can help be prevented by a business.

  • Weak passwords
  • Hacking by cybercriminals
  • Outdated cyber software

Weak passwords

A main issue in allowing malware to infiltrate a business are employees having weak passwords or clicking links that leave a network compromised. This is a daily occurrence in a business.

Hacking

Hacking is also responsible for a huge percentage of business cybercrime. Often the plan for a cybercriminal involves misleading people into sending personal data or false bank details for paying money into a different bank account controlled by cybercriminals.

Outdated cyber software

Falling behind with cyber updates can be catastrophic and is one of the main reasons cyber criminals are able to penetrate networks. You must try to reduce the impact of potential cybercrime on your business.

Business cybercrime security

Cybercrime Insurance

Most Insurance Companies are offering cover against cybercrime. Policies will insure you for costs such as data recovery, business interruption and e-crime.

Typically though smaller companies spend less on computer security and are at greater risk of a ransomware attack. It is vital that you check your coverage on your Policy, as often many of the elements you will need cover for in the event of an attack are add-ons to a basic Cyber policy. Cover also varies between insurers.  

Making a claim on your business cybercrime insurance

Typical Cyber Insurance usually covers your business for cloud storage breaches and computer system rebuilds. Losses of data and cybercrime claims are complicated, which is why you need a highly experienced Loss Assessor such as Oakleafe Claims to deal with any claims. A Loss Assessor will try to get you everything you are entitled to.

Oakleafe handle complex and challenging cybercrime cases on a daily basis. We will interpret your policy to prepare and present your losses as a result of breaches of data including business interruption exposures and all forms of cybercrime, including virus attacks, cyber extortion, and hacking.

Click here for more information or give us a call today.

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Cyber Liability Insurance Claims Increasing

A relatively recent number of insurance claims are appearing and in ever increasing numbers relating to cyber and cyber-crime. Information technology is prevalent in both our personal and working environments, and we rely on the use of computers and the web to store data every single day.

It is well documented that businesses are vulnerable to cyber-attacks which often results in leaked data not limited to sensitive employee or customer details. In 2017, the NHS network was infected with malware that compromised the data of thousands of people in the UK and abroad.

Cyber-attacks affect all manner of businesses and on a daily basis. They are not just targeted at large multinational companies either.

According to the office for National statistics, at least 7 breaches of data were reported in its network. In fact most businesses have suffered some form of phishing or IT related virus in their systems. It’s never been more important to secure your business from cyber-attacks

Importance of Insurance Cyber Liability Cover

Having the right insurance cyber cover can often help minimise the losses and reinstate your business in the event of a breach or attack. Cyber liability policies can offer support such as data recovery and business interruption cover which can help you to get your business back on its feet in the event of a cyber-attack.

Investing In Cyber Technology

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Technology does not stand still and is moving at a rapid pace. It’s important to keep all of your hardware and software updated. Invest in a quality anti-virus software. Discussing threats with your staff to recognise phishing emails or files attached to unrecognisable emails will help. The best businesses also adhere to a strict password policy in which these are changed regularly. Try to restrict computer usage in the workplace and discourage access to Facebook, twitter or personal email accounts. You lose control over content that is opened on your network.

HACKERS ON THE RISE

Remember hackers do it for a living and are professionals.  They are working daily to develop ways of hacking into our computer systems. Precautions are all well and good but when we are compromised and protocol fails, your Cyber Insurance cover needs to kick in to assist. Cyber liability Insurance usually covers your business for cloud storage breaches & computer system rebuilds. Restoration of company data is usually needed and there will be associated legal expenses.

Despite the risks, most businesses do not have insurance that would cover them in the event of a data breach. The consequences of not having cover can be disastrous. Losses of data and cybercrime claims are very complicated. Specialists are needed to prove that the breach even occurred. Professional hackers leave few traces of their incursion, and Identifying the damage they caused is often arduous.

Look Over Insurance Policy

Check your policy cover before an incident occurs– don’t let your claim be refused by something that you failed to implement.

Insurance claim management is critical when dealing with cyber claims. There are so many elements such as hacking, viruses, malware, and other denial of service problems. Claims will usually involve specialist forensic IT investigators to provide justification of the extent of the loss. The costs of these services are usually met by the policy. There will be both short and long term negative effects on your business that extend beyond the policy indemnity period. Company reputation is often badly affected and will undoubtedly lead to a loss of business.

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If you have been declined whilst trying to claim on your domestic or commercial insurance, we can help. We can also help with professional services, for example, Brokers, VAR Valuations and Managing Agents.

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