Casting the cyber net

“Cyber crime – it won’t happen to me” say a lot of small to medium sized business owners – because “Why would any one target me?”

The majority of victims of cyber attacks haven’t been targeted. Cyber criminals cast their nets wide and know that many will avoid being caught – however, enough will fall victim losing:

  • Money
  • Time
  • Data
  • Clients
  • Systems
  • Reputation

I recently spoke to the MD of wholesale business who lost approximately £40,000. He wasn’t hacked but his supplier had been. Before leaving the supplier’s email outbox the bank details on the invoice were replaced. He had to start his year £40,000 down.

A lot of cases similar to this don’t make the newspapers – they do not find it newsworthy as it happens so often. Instead, what does get reported are high profile cases, which gives the impression that they’ve been targeted – it’s fair to say the high profile names probably have.

Hiscox reports that every minute three small businesses fall victim to a form of cyber crime – that’s over four thousand each day!

This could be a factory unable to operate mchinery; an accountant that has data stolen or a marketing company locked out of their system by a ransomware attack.

Cyber crime can have an impact on every business – protect your business today with a bespoke cyber insurance policy.

Scott Whitney,
Head of Business Development

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