Monthly Archives: March 2015

Uk Government: Cyber Insurance “essential” for growing UK businesses

The UK Government’s Cabinet Office, in conjunction with major London insurers, released a landmark report today on how cyber insurance is essential for growing UK businesses. Cyber crime is the fastest growing risk for small businesses today, and the report shows how seriously the government is taking the problem of not enough businesses taking out cyber insurance cover. The report noted the SMEs face the highest risk of cyber crime; in one example, a small brokering business was targeted by a phishing email scam, and over £100,000 was stolen from customer accounts in ten days.
One of the major benefits of cyber insurance noted by the report was by putting SMEs with professional guidance and advice on cyber risk. Having an insurance product not only provides firms with access to cover, but also gives them access to the latest insight in how to avoid business losses in the first place. There are many aspects of cyber risk that insurers already have wide experience of tackling; for example, business interruption or brand damage. Insurance can also provide SMEs with specialist services that they will not realistically have access to themselves, such as IT security equipment or PR damage mitigation.
The report also noted that 22% of SMEs reported that they ‘didn’t know where to start’ with their firms cyber security; basically, that they knew their firm was vulnerable but had no idea of how to address it. Cyber insurance offers the best possible way for SMEs to secure their businesses and their risks are being addressed.
Get a quote today from us and see how it easy it is to protect your business from the huge costs inflicted by cyber crime.
Read the report in full here:

US intelligence agencies caught trying to break security of Microsoft and Apple products

New documents leaked by Edward Snowden to the media have revealed that US intelligence agencies have tried to crack the data encryption systems used by Apple and Microsoft operating systems to keep hard drives secure from thieves. Researchers at the CIA have also sought to create a modified version of the developer tools used to create iPhone and iPad apps to steal passwords and data from phones. This story demonstrates how even the most trusted IT companies are constantly having their products probed for weaknesses, and that no aspect of your businesses IT is 100% secure.
Read the full story here:

Why increasing numbers of companies are buying cyber insurance

Cyber insurance is evolving into a business necessity for both large and small businesses, as a way to prove to customers that their data is secure and to protect them from catastrophic losses in the event of a cyber breach. Peder Jungck, Chief Technology Officer of security conglomerate BAE Systems, argues in this article that cyber insurance is vital for protecting companies’ bottom line, especially small businesses. ‘”Everybody needs insurance, but it’s for different reasons,” Jungck said. “The small need it to be able to not have an event be catastrophic, to be able to [cover] the liabilities they’ll incur partnering and supplying others.’ Large companies are also increasingly needing to procure cyber insurance to protect the wider economy from the huge losses that cyber attacks can incur.
Read the article in full here: