News

|

15 July 2020

SMEs face increased threat of cyberattack during pandemic

 

Cyber criminals are taking advantage of the pandemic, targeting increased numbers of people working remotely and exploiting the lack of security measures in place. With business owners focusing on securing their workforce and dealing with limited resources, it means SMEs are at greater risk than ever of sustaining a cyberattack.
 
According to the most recent cyber threat intelligence analysis report*, produced by Accenture, in collaboration with AXA XL, cyberattack is having a broad impact across industries around the world as companies struggle to keep up with the new way of working and are unable to effectively defend their businesses.
 
Cyber criminals are taking advantage of newly remote workers with a huge increase in attacks via business email and remote access vulnerabilities, such as via virtual private networks (VPN). Techniques such as phishing, social engineering, credential access and deployment of malware continue to be used, with the unsuspecting falling victim to an increasing number of lures and traps. Companies involved in research & development such as defence, manufacturing and pharmaceuticals, are particularly vulnerable to intellectual property (IP) theft.
 
How a cyberattack might occur

With just 9% of SMEs covered by cyber security insurance, it prompts the following questions:

If you were to experience a cyberattack, would you have the cash flow and resources to afford a claim running into thousands, and how would the subsequent reputational impact affect your loyal client base?
 
Cyberattack facts

Combating cyberattack

Prevention is always the best policy, which means all workers should adopt best practice when working from home, aware of how to identify a phishing email and what to do in the event of cyberattack. Computers used from home should be regularly updated, ensuring security is adaptive, resilient and future proof. Everyone should follow basic security steps, keeping software up to date, changing passwords frequently and not using familiar words.
 
The reality is you are only as good as your weakest link, which makes protection also an essential requirement. This means having appropriate cyber insurance in place will not only mitigate your exposure to risk but also provide financial protection and access to post-breach recovery services in the event of an attack.
 
Help on hand

At Erskine Murray, we strive to ensure our clients are protected, particularly from new and emerging risks such as cyberattack. We can review your demands and needs and put in place a policy that provides a range of services to support you following an attack.
 
Depending on your circumstances, some of the following Cyber insurance benefits may assist your business:

With business owners focused on keeping their business afloat through new and remote working practices in these difficult times, the last thing anyone wants to worry about is cyberattack. Yet, with daily news stories of companies affected by cyberattack, it’s a real threat and vital you have protection in place.
 
To discuss your cyber insurance requirements and ensure you are protected, call us today on 0116 265 4300 or email [email protected].
 
Sources:
 
*Let’s Talk: The importance of flexible security in difficult times, published June 10 2020

https://axaxl.com/fast-fast-forward/articles/cybersecurity-risks-to-consider-when-the-workforce-returns-to-work
 
https://axaxl.com/fast-fast-forward/articles/monitor-communicate-plan_why-the-covid-19-pandemic-calls-for-a-return-to-basic-cybersecurity-principles
 
https://www.insurancehound.co.uk/sites/insurancehound/files/2019-09/025-026_POST_SEPTEMBER_2019%20%28002%29.pdf