Cyber risks, are they real?
Cyber risks are very real, but it’s a very old story. Criminals will take advantage of any situation if they think there is an angle where they can make money and if that means stealing yours, digitally or remotely they will. Its just another opportunity to them.
But what should you really be worried about!
Common threats include:
- Hacking or disabling a website, particularly if its an E-Commerce site that generates income.
- Ransome ware, that can disable your systems and prevent you running your business.
- Damage or destruction of physical IT hardware and critical infrastructure.
- The loss of personal data, especially if you hold payment details.
- Social engineering including invoice fraud.
- The cost of rectifying any of the above or the fines that might follow for failure to keep data safe.
The first thing in business, is to make sure you have the most robust IT security system it is possible to have, after all if you can stop the criminals at the door, they never get inside your systems or have the opportunity to wreak havoc or impersonate real people in the business.
Make sure you engage with a professional who understands the risks and can set up and importantly monitor all of your systems in real time. We use Supporting Role Ltd | IT Support Services (supporting-role.co.uk) and I can highly recommend their services.
Then you need to train your employees, most importantly so they are constantly aware of the evolving threats and the common scams that criminals use to get inside your business and your systems. If the email looks fishy just delete it, or at the very least question its validity with the apparent sender or a senior member of staff or even a director. Don’t feel foolish, you will get far more praise for potentially saving the business £1,000s.
Cyber Insurance can deal with the cost implications of some of the above, as well as helping with IT tools that can help secure your systems, but it is unlikely to pay the fines levied by government or other regulatory bodies, as this is seen to be against public policy. These fines can be significant and running to 10’s of thousands.
Cyber insurance is a good backstop to costs, but it won’t avert the serious disruption to your business that might follow a significant criminal cyber event, remember:
- Professional IT Security systems first.
- Staff training and awareness refreshed regularly.
- Cyber insurance to cover off potential costs.
If you want to know more about cyber risks, then call for a chat on 029 20 470375 or message me here.
Prevention is always better than cure.
Have a safe and thoughtful week 😊