The TV show, Dr Who, has been making the headlines of late as it embraces the fact that a doctor can be a woman – good luck to Jodie Whittaker as the 13th Doctor. She will face many threats and for many, Daleks will always be the biggest.
However, those Cybermen were always a sinister bunch and it is becoming increasingly clear that the human threat is one that could easily be overlooked in the cyber risk environment.
BT report from 2017 shows that 70% of firms have no staff training for cyber-attacks. Worse still, it is easy to believe that cyber security is the responsibility of the IT department, rather than everyone in the firm. Common sense tells us that all employees have a responsibility and there has to be a company-wide culture that reflects this philosophy.
Good cyber risk management should be your first line of defence in mitigating risks. However, as cyber-attacks continue to rise, so does the need for cyber insurance. Many of the news stories relate to big firms who have been attacked, but small firms are equally at risk. One report estimates that 60% are hacked in any one year, with an average loss of $40k. This means that as many as 875,000 UK SMEs suffered a cyber security breach in the last 12 months.
While there are examples of staff going rogue, it is ignorance rather than malice that you need to consider. Are you confident that your staff are educated and aware? Together with our comprehensive cyber cover, we have detailed 7 reasons why your business could need cyber insurance.
For further explanation of the cyber coverage, please contact our Senior Broker Fabio Di Virgilio.
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