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    What Is Cyber Insurance And Why Do Businesses Need It?

    Cybercrime is increasing. There’s not a week now when cyber threats and security breaches occur. As a business owner, protecting yourself and your business from cyber-crime is more critical than ever. This is even more important when you consider in 2023, Accenture found that around 43% of cyber-attacks are targeted at small to medium-sized enterprises (SMEs). With SMEs accounting for 58% of all reported attacks in 2020, you will be vulnerable to cyber incidents as a small business. Cyber insurance can protect your business against cyber-attacks. Discover how cyber insurance can protect your business.

    Seven Common Cyber Threats Businesses Face

    Cyber protection is necessary to defend the personal, sensitive information your clients, employees, and customers supply. Cyber-attacks cause financial harm, operational disruption, and even damage your company’s reputation. The seven common cyber threats cyber insurance can protect you from are listed below.

    1. Phishing attacks on small businesses

    Phishing attacks are widespread for small businesses. They generally involve a cyber security breach, like fraudulent emails or messages that can appear entirely legitimate. This cyber-attack aims to steal sensitive information, including login or credit card details.

    To protect against phishing attacks, your team must be educated on what these fraudulent emails or messages may look like. You will also need to adopt a strict code of conduct that informs staff not to give out sensitive information under any circumstances. Employing two-factor authentication is also a useful protective tool. 

    2. Ransomware attacks on small businesses

    Ransomware is malware that encrypts your data and demands a ransom payment in exchange for decrypting it. Data breaches like this can lead to revenue loss and potentially damage your business reputation.

    To protect against ransomware threats, it is essential to back up any data. Your team must also be trained and know what to do in these events.

    3. Social engineering attacks on small businesses

    Social engineering attacks involve the use of manipulation to divulge intellectual property. To avoid these cyber-attacks, you must implement education and policies requiring two-factor verification on request of information.

    4. Malware attacks on small businesses

    Malware is any software designed to harm a network; this includes viruses. To avoid malware impacting your business, it is recommended that you utilise anti-malware software and update your operating systems regularly.

    5. Internet of Things (IoT) attacks on small businesses

    IoT attacks include hacking smart devices and channels connecting IoT components with one another. To defend against these attacks, you need to use strong passwords, update devices regularly and limit the number of connected devices.

    6. Supply chain attacks on small businesses

    Supply chain attacks generally target suppliers to gain access to the network and steal information. To limit network access and monitor for any strange activity across suppliers, it is essential to implement security policies that restrict network access and monitor for any unusual activity.

    7. Zero-day exploits on small businesses

    These cyber-threats occur when vulnerabilities in software or hardware have gone unnoticed and become exploited to allow access to the business network. To prevent this, you must utilise security updates, conduct any necessary fixes, and monitor for suspicious activity. 

    Protect your business against cyber risks with Atlantic Insurance

    Cyber insurance is essential to protect your business against the increasing risk of attack and employ an appropriate cyber incident response plan. Atlantic Insurance’s tailored cyber insurance policies have protected businesses against cyber-attacks for the past decade. Speak with an experienced client manager at Atlantic Insurance about which cyber insurance products will help you manage cyber risk for your business.

     

    Any information contained on this page of the website is general advice only and has been prepared without taking into account your objectives, financial situation or needs. Your should consider these, having regard to the appropriateness of this advice and the relevant Product Disclosure Statement (‘PDS’), Target Market Determination (‘TMD’) and Financial Services Guide (‘FSG’), which will be provided following any formal recommendation to you.

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