Last year, a cybercriminal attacked a British business every second — that’s over 31.5m attacks every year in the UK alone.
Huge names such as Uber, Tesco, Yahoo, Marriott International, and British Airways have all hit the headlines in recent times. These organisations have collectively amassed over £608m in fines for leaving themselves open to cyber attacks. Yet it’s the small to medium enterprises (SMEs) that are more vulnerable.
In 2019, each SME was hit with an average of over half a million attacks — that’s 66 per hour.
SME’s are simply easier to penetrate. They are the most likely targets of hackers — all while SME owners are incorrectly assuming that they have nothing worth taking.
Cybercriminals recognise that many SME owners who believe that they are not worthy of an attack will not have invested in cybersecurity. Hackers will know that most SMEs don’t have an in-house IT department.
SMEs often only have the resources for one in-house or one external IT professional to call upon — with the likelihood being that they aren‘t specialised in cybersecurity. They may also have a whole host of other clients with other problems — with their focus not solely on your business.
Cybercriminals are taking data, which they will lockdown with a crypto locker that requires a sophisticated algorithm to break. Businesses have even been held to ransom: bitcoin for your data.
Another ploy popular with cybercriminals has been coined as ‘social engineering‘. By using spyware, criminals will sit in your network and watch you for as long as it takes. They will study how you talk, pay run dates, and timings and routines.
Then, hacking into your email account, and sending an invoice from your email address, becomes easy. Bank details will be changed and go unnoticed by accounts teams that will seldom check details if paying a regular customer. All of your hard-earned money goes straight to a hacker’s account.
More and more companies are now seeking cyber insurance to help protect themselves. While insurance companies are beginning to offer this type of cover, there is a requirement for the correct cybersecurity technology to be in place, plus other factors, before a cyber insurance policy is granted.
We’ve been talking to our insurance industry clients. They’ve helped us compile a list of the requirements insurance companies will need evidence of to secure a policy* — and we will get you there.
Timeless IMS is a managed security service provider (MSSP) and IT industry expert. We can implement our cybersecurity technology stack to ensure your business will meet the requirements to:
Complete the form below to download our list of cyber insurance requirements.
*insurance companies’ requirements may differ
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