Could It Be You?

26th November 2019 3 min read

Many small to medium sized business owners think it is only large enterprises that are targets for cyber-attacks; however, this is wrong. Verizon’s most recent Data Breach Investigation Report details that almost half of all breaches involved small businesses*, so it is critical that you protect your business against these risks.

Other studies show that almost one third of UK businesses identified cyber security breaches or attacks in the last 12 months and the average annual cost for these businesses that lost data or assets after the breach totalled over £4,000**. It is also important to remember that it is not just costs that can negatively impact your business following a cyber breach or attack. Businesses tend to overlook factors such as reputational damage, lack of productivity and potential loss of clientele, all of which can be detrimental for a business.

Not all businesses who suffer a cyber breach or attack have been targeted maliciously. Causes of cyber attacks can be an employee inadvertently leaving their laptop on the train, or an employee in your finance department accidentally sending a spreadsheet with sensitive information such as your company’s payroll details. Both incidents can lead to a cyber breach, whereby the wrong person accesses your company information, and is then able to conduct an attack or leak your sensitive data.

The mindset “my business will never be targeted for a cyber-attack” can encourage a business owner to spend less money on cyber-security, without realising and understanding the risks this leaves their business facing. At Miles Smith, we have a team of cyber experts who can provide you with the knowledge and help you to understand the risks your business faces and how to protect against them.

We work with top UK insurers to assist you with risk management techniques including employee training, helping you to minimise your business’s exposure to a cyber breach and when this is not enough, insurance cover can also be arranged to cover the costs. For more information on our cyber cover, please see here.

If you’d like to discuss how to protect your business against cyber risks, please contact your account executive or call the Miles Smith team on 020 7977 4800.

Sources:

Data Breach Investigation Report

Cyber Security Breaches Survey

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