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Businesses Beware...

Posted Thursday, 13 November 2014, 12.26pm

Cyber threats are numerous and well documented. It is thought that, worldwide, one PC is infected every 4.5 seconds and, in addition to infection, systems may also be exposed to deliberate sabotage or criminal intent.

Reports suggest system downtime can cost businesses £10,000 per hour rising to as much as £1,000,000 per business day. Time spent sourcing replacements can result in a total loss of online sales. Similarly the failure of retailers’ systems can not only mean immediate lost sales but longer term reputational damage.*

"When talking to business owners (directors or shareholders) who have an active IT or Web presence, I always ask what would happen if they suffered from the ever more frequent cyber-attacks. The devastating effect a progressive and systemic shutdown or opening up of confidential data can have on business continuity, reputation and finances is immense. Not many decision makers realise they can transfer this considerable risk to an insurance policy. For payment of a ‘known business cost’ (premium), which of course is tax deductible as a legitimate business expense, should the worst happen, they will have protection.

Most businesses, for very understandable trading reasons, do not openly discuss how their systems were breached. Most ‘assume’ their package of virus protection software and firewalls originally purchased are adequate safeguards. The most interesting question is, who will restore and renew their systems if a hacker gains entry? Again the assumption is whoever supplied the hardware and software, which is not usually the case or if it is, at an immense cost. The belief is that only large corporate businesses are attacked. The reality it’s SME’s that are vulnerable with poor off the shelf defences that are targeted."

Haydon Munslow, Bluefin Branch Director, Kendal

*Bluefin Cyber Risk Report 2013

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