There are several cyber security risks faced by businesses.
They include hacking, loss of key data, and the destruction of business systems. All these can be costly and devastating for a business.
In fact, they could prove the end of a business if they’re not prepared for properly.
The loss of customer data such as bank account or credit card details, addresses, and phone numbers, or staff data such as national insurance numbers and bank account details, could see your company facing legal action by the Information Commissioner.
As the rules on data protection change next year with the advent of GDPR, the General Data Protection Regulations, this could see a company fined up to 4% of its worldwide annual turn-over, or two million Euros, whichever is the higher. The current maximum fine is £500,000.
There is one thing could help combat all these risks and help you get the best insurance premiums for your business: encryption.
Insurance companies are now seeing encryption as an important tool.
In fact, some insurance companies are insisting that any item which leaves an office should be encrypted.
So, if you want to get the best cover and premiums for your business, here are five ways you could use encryption in your business:
- Emails and messages – Unencrypted email is one of the main methods cyber criminals use to access systems. Instances of phishing, where people are encouraged to click on unsafe links or attachments, are on the increase. There are apps which can secure your communications, in transit and when they’re sitting in your inbox. More secure systems which offer end-to-end encryption include WhatsApp and Cellcrypt, included encrypted conference calls.
- Laptops – The Information Commissioner has recently imposed substantial fines on organisations which lost data because unencrypted laptops had been stolen. If you encrypt a laptop, the only loss you will suffer is the laptop itself.
- Hard drives – Encrypting a whole hard drive slashes the risk of a data breach.
- Portable media – Think flash drives, image cards for cameras, and memory sticks. All can contain data which might be used by cyber criminals. Many of them now come with in-built encryption support.
- Individual files – Encrypting files as they are needed helps keep them confidential even if staff can see them, and it combats the risk of ransomware infecting your key data. If you’re sending them over wireless systems, this also makes them far more secure.
Once you’ve decided on how you’ll be using encryption to protect your data, it’s vital you tell your insurance broker so that they can search for the best deals for you.
The more they know about your business and your security arrangements, the more a deal can be tailored to your specific needs.
Need advice on how to reduce your cyber risks? Call our specialists on 02920 470375. Find out more about our risk management services here.