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Cyber-Security: Myth or Reality?

Find out more about the myths surrounding cyber-security and decide for yourself whether you think it is a myth or reality.

Cyber-attacks have been increasingly compared to natural disasters. When they hit they hit hard and if you are unprepared for them the losses can be devastating. So what if you did have the option to be prepared for a natural disaster? Would you take it? Unlike a natural disaster cyber-crime does have options. Options in the form of cyber-security and cyber-insurance. If there are options to prevent devastating losses why don’t people take them?

Myth #1: ‘It won’t happen to me’

It is logical to think that if cybercrime is increasing then implementing cyber-security strategies would be an obvious plan of action. However, people often chant the mantra of “it won’t happen to me.” Actually, it could and perhaps it already has. The myth that cyber-crime is targeted and only happens to large companies is being dispelled rapidly. A recent report from the government showed that 60% of small businesses suffered a data breach in the last year and the seriousness of the industry goes amiss more often than not. This staggering number represents just the tip of the iceberg as many companies do not report cyber-attacks for fear of letting their company name, reputation and finance suffer.

Large company breaches reported in the media often take up much of the limelight and further add to the misconception that small businesses will not be targeted in an attack. But, imagine if you were a thief. You’re in a car park, alone. You can easily steal a car. But which car do you steal? You check each car, a Porsche, a Jaguar, an Audi but they are all locked. Except there is one car that is unlocked – it’s not the best car in the car park but it is a car you have easy access to, so of course, you steal it and anything inside the car is an added bonus. This is exactly how hackers operate. Their target does not depend on the size of your business. Their target is to gain access where they can and the effects will be devastating. It doesn’t matter how big or small your business is; if it is unprotected it can become a hotspot for a hacker.

Myth #2: ‘I own a small business so I am invisible to hackers’

To add to this, one threat in particular which dispels they myth that cybercriminals are not interested in smaller businesses is the BYOD (bring your own device) boom which has opened the doors to communication between everyday gadgets and a business network. The rise of personal smartphones, iPads, tablets and laptops being equipped with the latest technology needed for business purposes have been welcomed at work. However, it is important to realise that just as you wouldn’t let a stranger into your home, you should be mindful of the gadgets employees are bringing into work. Devices owned by employees create potential risks of the loss or leakage of confidential data and, as customer data is downloaded to these devices there is a danger that malware could be uploaded. BYOD is just another reason why businesses should have both cyber-security and cyber-insurance in place; otherwise the doors really have been flung wide open.

Myth #3: ‘Cyber insurance is not worth the paper it’s written on’

Cyber insurance has been argued to be ‘a lucrative sales opportunity,’ but what’s more lucrative is the work of cybercriminals attempting to steal your data. Cyber insurance is there to protect you and your business from the costs that your firm could incur if it does fall victim to a cyber-attack. It is important to be mindful that cyber insurance does not prevent a cyber-attack and many companies can be misled by a false sense of security. What it does do is cover the replacement of lost or damaged equipment, forensic and investigative costs, along with legal expenses and employee resignation. This is fundamental especially given breaches can cost between £600 and £1.5 million.

Security begins with self-education. Knowing your company and its current resilience to protect against cyber-risks is fundamental in order for you to choose an insurance policy best suited to you. Cyber-aware firms should first implement a strict and dynamic cyber-security strategy and this strategy should be underpinned by appropriate cyber insurance tailored to you.

Finding out about the harsh reality that is cybercrime can be shocking and it is for these reasons that we have the utmost goal in mind; to protect your company from an attack. It is for these reasons that we have a new working partnership with Adler Insurance Ltd where cyber-security strategies and cyber-insurance can now go hand in hand.

Cyber-attacks have been increasingly compared to natural disasters. When they hit they hit hard and if you are unprepared for them the losses can be devastating. So, since you do have options to protect your business why not let us help you make the first steps to secure your business?

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