Nowadays, most of us use the internet on a daily basis. Whether we use technology professionally or personally, it’s important to be aware of the risks that exist – especially as things change fast in the online world. That is why October is Cyber Security Awareness month, with a number of campaigns dedicated to promoting safety online.
Now in its 17th year, Cyber Security Awareness Month has never been more relevant. This year, more of us have been working online than ever before. The pandemic led to many organisations moving most of their operations online, many of them without any warning and without the ideal systems in place. With that comes the increased risk of a cyber security breach or a cyber attack.
While technology made it possible for many businesses to continue to operate under the challenging times, it also opened up new risks for those businesses. A survey by Barracuda found that more than half of the businesses surveyed in the UK, France, USA and Germany saw an increase in phishing attacks since the start of lockdown, while 46% aren’t confident in the security of their web applications. Despite this, 40% have cut their cyber security costs since the start of the pandemic in an effort to reduce overheads, putting them at even greater risk.
Should you have cyber insurance for your business?
With the world of work becoming more and more cloud-based, it’s only becoming increasingly important to protect your company’s digital assets. According to Investopedia, almost half of businesses that suffer a cyber security breach have to pay more than $50,000 (more than £38,000) to recover, not to mention the number of customers that lose trust in a company after such an incident.
For that reason, cyber insurance can be crucial to getting your business back on track in the fastest and most affordable way possible should something happen. Every cyber insurance policy offers slightly different coverage, so make sure you know exactly what you’re getting before taking out insurance.
What to do if your business suffers a cyber attack
The exact action you need to take after a cyber attack or a security breach will depend on the nature of the incident. For a minor incident, it could be as simple as changing passwords, but it’s also possible that you will need to replace infected hardware, patch software or clean infected machines. Aside from taking care of the incident within your workplace, you are also legally obliged to report the incident to the ICO.
If you have cyber insurance for your company, you may be covered for all or most of the damage, and your insurance provider may be able to help you replace or repair affected equipment. Due to the intangible and often complex nature of cyber insurance claims, they can take longer than you would hope to be resolved. Using a Loss Assessor service, such as Morgan Clark, can help speed up the entire process and make sure you are getting the full compensation that you are entitled to, so you can get back to business as usual.