Businesses and individuals have concerns about Cyber Security, but what to do often remains a mystery for non-experts. In a recent Institute of Directors (IoD) survey 96% of business leaders recognised the importance of having a data security strategy but only 56% have taken specific action, and less than 40% are clear about whom to inform should a breach occur.
When the new EU General Data Protection Regulation takes effect from 25 May 2018, UK and European boards and directors must assume far greater responsibility for data security. According to the IoD, few know where their companies stand. Many are unclear about risks, governance and best practice.
Cyber criminals can be very clever. They do their homework. If they target you, they will know where you live, your private and work e-mail addresses, even your staff names. It’s easier and less risky than robbing banks, to sit at home, or on a beach somewhere and make money through cybercrime.
To overcome the risks and uncertainties in Cyber Security, the insurance industry is now looking into Cyber Insurance which is fairly new. Many Insurers and many Insurance Brokers don’t fully understand it. DIY is a very, very bad idea unless you yourself have the knowledge and expertise of an Insurance Broker. This applies not only to other aspects of insurance but particularly to Cyber Insurance.
As an example:
You arrive at work before your staff at 08:45 and switch on your computer system. It boots up, revealing a screen message, “Hi! I’ve locked all your computers, including the main server and encrypted all your data. Send me £10,000 in bit coins and I’ll give you the key to unlock them.” Using your mobile ’phone, you go to your e-commerce web site and find a similar message. Someone’s taken it down. By 09:00 your firm is receiving calls from customers, who have seen the same message. By 10:00 your telephone system is jammed by customer calls.
What do you do next?
This happened to a medical practice. Its insurer sent in I.T. experts, who determined quickly that the encryption was so professionally done, that 2 years’ work may not decrypt the disks. The practice had not backed up for a week, so all patients seen in the previous week were at risk. With great reluctance, the insurer paid the ransom.
We at Sibbalds have teamed up with a local company which is an Insurance Broker and a specialist on Cyber Insurance. Its Managing Director is a member of the Cyber Insurance Committee of the British Insurance Brokers Association. The committee looks into the pitfalls of this area and how they impact businesses and individuals. As brokers, they will discuss with you where your business may be at risk and propose an affordable solution to mitigate these risks as far as possible.
If you would like any further information, on how this company can help organisations like yours in ensuring you are adequately covered for Cyber Security, please contact us on email@example.com or call 01332 242257.