Written by Conor Murphy Account Executive at AbbeyAutoline.
We all like to think that we have become much better at spotting internet scams to the point where a suspicious email gets deleted straight away.
But one of the legacies of the pandemic has been the increase in the frequency of scams and how believable they are becoming – even for the savviest among us.
Cyber risks may consist of imitation fraud, phishing, ransomware and extortion.
Published just last month, the government’s Cyber Security Breaches Survey 2022 revealed that in the last 12 months 39% of UK businesses identified a cyber attack. The National Cyber Security Centre (NCSC) also reported a 161% increase in offences related to the unauthorised access to personal information including hacking.
When it comes to how businesses in Northern Ireland are equipped to deal with cyber criminals, a report published just last year reveals more work needs to be done to raise awareness of the devastating impact online criminals can have on companies of all sizes.
The Ipsos MORI poll, commissioned by the NI Cyber Security Centre revealed that 6 in 10 businesses or 62% have done nothing in the previous 12 months to identify cyber security risks to their organisation. A total of 42% of organisations didn’t believe cyber to be a board level risk while 77% didn’t have a documented cyber incident plan in place.
This is an issue we are dealing more and more with and what is obvious to us at AbbeyAutoline is that no business is immune to the cancer of online criminals. Whether you are a man in a van or a multi-national everyone can be a target for scammers.
At the height of the pandemic the PSNI reported a surge in cyber crime as fraudsters were hellbent on exploiting the confusion which existed during lockdowns and working from home periods.
As we emerge from the pandemic there is no evidence to suggest online criminals are reducing their attacks on unsuspecting members of the business community in Northern Ireland.
One successful cyber attack could cost your business thousands of pounds but for those companies who hold customer data a security breach could impact the reputation of your business – and that is often something you can’t put a price on.
Although if you wanted to put a price on a data breech, a law firm in England was recently fined around £100,000 by the Information Commissioner’s Office for failing to protect and secure personal data.
Documents including medical files, witness statements and the addresses of crime victims were published on the dark web following a data breach caused by ransomware.
We know businesses are under pressure at the minute, but cyber insurance should be a key consideration for companies of all sizes. When I speak to customers, I am always keen to point out the benefits of conducting a review of their business policies.
A risk review helps a broker gather facts and more information about the needs of the customer which can often help save money and identify gaps in cover.
A good insurance broker can arrange cover for businesses on a standalone cyber insurance policy which counteracts the threats posed by hackers to your data, as well as protection for your reputation.
Brokers can assist in arranging protection so you can immediately respond to such an attack, as well as get assistance with a number of ongoing costs.
This policy will cover your computers, data and cyber risks and provide you with peace of mind in the event of this type of incident occurring.
At AbbeyAutoline our team of dedicated experts can help tailor a policy best suited to your business needs. With access to a large panel of insurers, our team can provide the policy which provides the right level of cover.
To find out how AbbeyAutoline can help your business visit www.abbeyautoline.co.uk
