In a recent Cyber Readiness Report by Hiscox, it outlined the industry sectors which are most at risk from a business cyber threat. The main victims of a business cyber threat were energy suppliers and government non-for-profit organisations.

With the energy sector experiencing a £100,000 median loss in just 12 months, it is apparent that energy companies need to do more to be ‘cyber ready’. Next in-line were government non-for-profit organisations (NGOs) who were subject to a £19,000 loss over the 12month period.

What is most concerning is that both of these industry sectors rely heavily on the personal data of UK residents to conduct their businesses on a daily basis – it is therefore apparent that stronger resilience and more robust systems are required to protect both sectors.  Furthermore, if UK government wishes to position itself as a leader in tackling cyber crime, it must accordingly put the right awareness and training resources into its own sector will achieve what is currently seen to be undermined.

Whilst larger companies are at a greater risk of being subject to a business cyber threat, smaller companies should also take note!  In a recent survey, Sharp UK looked to find out the efforts made by small businesses in understanding cyber crime and how it could affect their companies.

Astonishingly, Sharp UK found that in terms of a business cyber threat:

  • 48% of SMB’s are concerned about phishing attacks
  • 40% were concerned about ransomware
  • 40% were concerned about data protection
  • Only 10% know how the business information is being shared and stored between employees

These figures come at a vulnerable time when many employees are working remotely from home using their own WIFI, laptops and other IT digital devices. The message is clear – if SMB’s don’t have the knowledge and resources in-house, then really they should be looking to outsource IT technology and IT services so that equipment and access can be managed and maintained on their behalf to minimise a business cyber threat.

To find out more about how to protect your business from cyber crime, please contact our cyber attack insurance team. With an extensive knowledge base on how cyber security and GDPR data protection operates. Crendon Insurance provide tailored cyber attack insurance and GDPR data protection insurance packages to suit businesses large or small.  Protecting companies from falling victim to a business cyber threat in terms of hacking, violation of information, phishing and ransomware attacks is paramount to how they operate in their future development.

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