Attire Accessories - Nov/Dec 2018 (Issue 73)

92 Cyber security for your small business Neil McFarlane, chartered insurance broker and CEO of TH March, tells Attire Accessories why it’s imperative to protect your business against a cyber attack Whether it be preventing a mass data breach or finding ways to comply with the GDPR, the need for cyber preparedness and resilience is at an all-time high. However, a recent survey from the Economist Intelligence Unit revealed that only 13 per cent of organisations feel that they’ve learned from past mistakes. Everyone is at risk No matter what your business size, you are at risk. While typically only large-scale incidents make headlines, research from Symantec found businesses with between one and 250 employees experienced the highest phishing rates. Your reputation is in danger Major attacks that end up in the media can result in a tarnished reputation for your organisation. This problem can spread quickly, wreaking havoc on supplier, customer and contractor relationships for years to come. Breaches aren’t cheap In the event of an attack, SMEs can suffer extreme financial burden. The average cost of a worst-case security breach is between £65,000 and £115,000, according to the government’s cyber guide for small businesses. The problem is preventable Research shows that nearly 80 per cent of breaches are preventable with proper security measures, such as secure passwords, educating staff and taking advantage of software or app updates on workplace technology. You need cyber insurance Purchasing cyber insurance can provide you with the ultimate peace of mind regarding your organisation’s cyber security. You can find out more information on cyber insurance, plus obtain a free quote, by visiting TH March’s dedicated Cyber Insurance webpage www.thmarch.co.uk/cyber FURTHER INFORMATION TH March is a chartered firm of insurance brokers. Established in 1887, the company has offices in London, Birmingham, Manchester, Glasgow and Sevenoaks, as well as its National Administration Centre in Yelverton near Plymouth. To find out more, call +44 (0)1822 855 555, email giftware@thmarch.co.uk or visit thmarch.co.uk Here are some simple, economical steps you can take to reduce your risk of falling victim to a costly cyber attack: • Train employees in cyber-security principles. • Install, use and regularly update antivirus and antispyware software on every computer used in your business. • Use a firewall for your internet connection. • Download and install software updates for your operating systems and applications as they become available. • Make backup copies of important business data and information. • Control physical access to your computers and network components. • Secure your Wi-Fi networks. If you have a Wi-Fi network for your workplace, make sure it is secure and hidden. • Require individual user accounts for each employee. • Limit employee access to data and information, and limit authority to install software. • Regularly change passwords.