The evidence that the effects of COVID-19 have made the risk level of experiencing an attack higher than ever, and the resulting costs are substantial. As we become increasingly reliant on technology, its time for businesses to take action against cybercrime before its too late.

The threat to businesses¹

Over the past 12 months, 39% of businesses have suffered from a cyberattack. While this figure is down from the previous year – due to the number of businesses closed over the pandemic – the threat level is not thought to be lower than the previous years. Among those who experienced a cyberattack over the past year almost half of businesses (49%) said this happened at least once a month. Around a quarter experienced an attack once a week.

What are the most frequent cyberattacks?

While the most common types of attack by far are phishing, staff receiving fraudulent emails or being directed to fraudulent websites, there are a number of directions in which a business may be attacked from. Other types of frequent attack include people impersonating an organisation in emails or online and viruses, spyware or malware and hacking of inline bank accounts.

The cost to businesses

While not every cyberattack will have financial repercussions for your business, if it does have a material outcome, the figure that you owe may quickly rise into the thousands. The average cost across organisations identifying any breaches or attacks is £2760.

Protect your digital assets with cyber insurance

As your broker, our top priority is ensuring that should the worst happen, your business is covered. You could expect to claim in the event that the systems that you use have been shut down, or your network has been breached. You could also potentially claim as a result of lost data via hardware e.g. your laptop, server or the devices your teams use to work remotely.  

Generally through a cyber policy you could be covered for:

Legal and defence expenses                                               Breach notifications      

Coverage for PCI DSS fines                                                 Breach mitigation

Extra expenses protection                                                   Business income

Theft of monies or securities digitally                                 Coverage for regulatory fines

Data restoration                                                                  GDPR costs incurred to the business

Third party coverage for a privacy breach or data event 

Contact the commercial team at Schofield Insurance Brokers on 0113 250377 to review your cyber risks.

¹Information extracted from the Government Cyber Security Breaches Survey 2021 conducted by the Department for Digital, Culture, Media and Sport