Cyber Risk Management

7th October 2019 4 min read

Over three in ten businesses (32%) experienced a cyber security breach or attack in the last 12 months*, so it is more important than ever to understand and manage the cyber risks your business faces.

What are the causes?

According to Shred’s 2018 State of the Industry Report, only 46% of UK small businesses provide training to their employees on the importance of physical information security, stating employee negligence as one of the main causes of cyber breaches. Examples of employee negligence include opening a fraudulent email, or failing to report a lost or stolen device.

Research suggests that cyber breaches are increasing due to the way working is evolving, with more people working remotely and using personal devices for business purposes. The 2019 Cyber Security Breaches Survey found that almost half (44%) of businesses say that their staff use personal devices for business purposes, and unfortunately this increases a business’s exposure to risk due to the possibility of sensitive items or data being stolen or lost whilst an employee is off site.

Other causes of cyber breaches include the increasing use of cloud-based software, patches in IT security temporarily exposing weaknesses and the increasing prevalence of cybercrime as a means for organised criminals to make money. For example, recent research conducted by Dr Mike McGuire at University of Surrey details that cybercriminals are raking in over $3 billion per year from social media crime**.

How can I protect my business?

We have put together our top 10 tips to help safeguard your business against cyber breaches:

  • Use a combination of security protection solutions, such as anti-virus, anti-spam and firewalls

  • Regularly carry out security updates on all devices and software

  • Use strong passwords that are at least eight characters long, including special characters or numbers and change them regularly

  • Make sure your wireless network is secure

  • Construct and implement clear and concise procedures for email and internet usage

  • Train your staff, and then train them again. And then test them for good measure…

  • Design and test back-up plans and disaster recovery procedures

  • Carry out regular security risk assessments

  • Carry out regular testing on your website

  • Rigorously check provider credentials when using any cloud-based services

We have partnered with leading industry experts Nettitude to offer our clients additional expertise in this increasingly complex area. Nettitude can work with your business to define, detect and, should the worst happen, help you to respond to cyber breaches.

At Miles Smith, we do more than arrange insurance solutions for our clients, we are an intrinsic function to your business’s management team. 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:

* Cyber Security Breaches Survey 2019

** Cybercriminals raking in over $3bn a year from social media crime

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