Attire Accessories - Mar/Apr 2019 (Issue 75)

24 Cyber security With cyber attacks on the rise, Neil McFarlane, chartered insurance broker and CEO of TH March, explains why cyber insurance is crucial for your business Cyber attacks have been hitting the headlines recently and are set to increase in frequency. The threat level will also evolve and become more complex, targeting specific business sectors and threatening the unprepared and unprotected. Here’s how to make sure that’s not you: Am I at risk? Attacks to computer and systems infrastructure present the following threats to your business: • Ransomware • Phishing • Denial of service or DDoS (distributed denial of service) • Data breaches • Website/phone hacking • Email intervention These types of attacks can stop you from trading, drain your bank account, rob you of your data and threaten your reputation. And it is not just large entities and corporations that are at risk. SMEs are also being targeted, and an increasing number of small businesses are making cyber security a very high priority. The five most common threats are categorised as follows: • Socially engineered malware • Password phishing attacks • Unpatched software • Social media threats • Advanced persistent threats Last year was an important one in terms of cyber security. Compliance with the European General Data Protection Regulation (GDPR) came into effect, giving new legal rights to individuals, including the right to be informed of the use of their personal data. Data breaches must be reported to the Information Commissioner’s Office (ICO) within 72 hours, and failure to comply can lead to substantial fines and litigation costs. What can I do? TH March strongly recommends that you take measures to deploy systems, technologies and changes to business practices in order to mitigate your exposure. The government provides important advice to businesses and personal users through its National Cyber Security Centre (a part of GCHQ). Log on to gov.uk or ncsc.gov.uk and search for the following: • Cyber security guidance for business • Cyber aware • Cyber essentials • Ransomware advice • Cyber security: Small Business Guide Consider your cyber security now, and be prepared for the new responsibilities that apply to you under GDPR. The threats that 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 Did you know? The government’s Cyber Security Breaches Survey 2018 found: • Four in 10 businesses identified cyber security breaches in the past 12 months. • 74 per cent of businesses said that cyber security is a high priority for senior management. • Only 9 per cent of businesses said they had a cyber security insurance policy. companies think they face are likely to be vastly different to the actual threats that pose the greatest risk, and the cost of clearing up a cyber attack could lead to a substantial bill, including investigations and residual costs. What’s more, under the new legislation, you will become liable for any fines for breach of data, amounting to many millions of pounds or a percentage of your turnover. Why cyber insurance? Cyber insurance goes hand in hand with other risk management measures as part of a broader defence. Be prepared, and ensure you implement suitable protection to help deter hackers from targeting your business. TH March has access to a number of specialised insurers who can provide you with access to expert advice, guidance and security strategies. Arranging cyber insurance cover via TH March can go a considerable way to mitigate the risks and threats to your business. Our qualified team will provide a tailored solution, specific to your business type and budget.