Cyber security for small and medium-sized businesses
Organisations of all sizes are vulnerable to cyber security breaches. However, small and medium-sized businesses can often significantly underestimate the threat of cyber risks and, following a breach, be unprepared to deal with the resulting financial and reputational damage.
During 2020, 38% of small and 65% of medium-sized UK businesses experienced a cyber security breach or attack.
Most businesses, large and small, rely on computers and mobile devices to collect and store information; from details on customers and employees, to suppliers and competitors, to name a few. More often than not, these devices are connected to the Internet.
Cyber security is about protecting both computer equipment and, more importantly, information stored on that equipment from unintended or unauthorised access, change or destruction; either internally through deliberate action or employee error, or from external threats (such as hackers) that use the Internet to gain access.
Common problems include employees inadvertently exposing an IT network to malicious software (or malware; simply by plugging in external devices and USB memory sticks), opening infected emails or even using an unsafe website infected with malicious code.
Consequently, it is vitally important for all businesses to take steps to ensure that their systems and data are secure.
A guide to loss prevention
This guide has been prepared to give helpful advice on how to protect organisations from cyber threats, using a 10-step guide developed as best practice by the Communications Electronics Security Group (CESG), the information security arm of the UK Government.
HSB’s specialist underwriting in the UK and Ireland covers a broad range of risks including construction, cyber, computer, equipment breakdown and energy efficiency.
Built on a foundation of specialist insurance, engineering and technology, HSB is a global provider with over 150 years of technical risk knowledge and experience that sets the standard for excellence worldwide. Part of Munich Re, HSB is rated A++ (Superior) by A.M. Best Company.
Further information can be found at: www.hsbeil.com
*The guidance in this document refers to industry best practice loss control advice. Adoption of the advice contained within this document does not imply compliance with industry, statutory or HSB guidelines, nor does it guarantee that losses will not occur.
For more information, please contact us.