Cyber Security Awareness Month 2021: How to #BeCyberSmart

With Cyber Security Awareness Month upon us once again, we are dedicated to informing and educating brokers about the current and future risks the ever-evolving cyber market presents

While the overarching theme for 2021 Cyber Security Awareness Month is Do Your Part #BeCyberSmart, each week of this year’s event also features a distinct focus, covering everything from phishing to cybersecurity. Overall, the key message this year is about empowering organisations through education and implementing stronger security practices for a safer interconnected world.

With this in mind, we will be exploring a range of established and emerging cyber risks through our upcoming blogs and cyber focused podcast where we aim to help brokers overcome common objections. For those who would like to revisit last year’s cyber podcast – you can listen to it HERE

The issue of remote working exposed 

It should come as no surprise that cyber attacks have become more prominent since March 2020, with the key driving factor behind this increase being the rise of remote working. While working remotely offers a number of key benefits, more than 18 months later – the cracks in security are more evident than ever.  

Recent data published by Tenable, found that 74% of cyber attacks that organisations have suffered, have been a result of remote work tech vulnerabilities. The report explains that cloud devices, apps, personal devices and remote access tools have essentially eliminated many businesses’ security perimeters and resulted in a stark increase of cyber attacks. The risk of remote working can be distilled down into three key factors: a lack of visibility into remote employee home networks, an expanding software supply chain and cloud migration.  

The research shows that over half of remote workers are using personal devices to access work data, with a large percentage of cyber attacks (67%) now targeting remote employees. Due to personal devices typically lacking the stringent cyber security software and measures present on a business’ devices, these attacks are unsurprisingly more successful and hence pose a larger threat. 

The struggling finance sector  

While remote working presents issues for a broad range of businesses, perhaps one of the most at-risk sectors is currently finance. New research by Keeper Security, found that the average UK financial services organisation suffered around 60 cyber attacks in the last year alone, with IT leaders in the sector expecting this to increase at a growing rate. Perhaps the most concerning statistic is that only 42% of businesses in the industry believe that they are adequately prepared for these attacks.

The most common security breaches were a result of re-using an existing password (38%) and using easy to guess logins (38%) – highlighting the importance of cyber security education for businesses. In the last year we have seen a number of brokerages suffer cyber attacks, whether through ransomware, phishing or human error. Last year we discussed the issue of cyber insurance for brokers, many of whom sell cover but actually lack protection themselves. In this increasingly perilous cyber landscape, brokers simply cannot afford to expose themselves to the reputational and operational risks that a would result from a breach. 

Throughout the course of Cyber Security Awareness Month, we will be bringing you a range of content covering cyber security basics, how to spot phishing attacks and much more. Be sure to keep an eye out for upcoming content, both on our site and LinkedIn page.  

Contact us

For more information about CyberSafe Insurance or our e-trade solution, contact your NMU Development underwriter or our cyber team;

Matt Drinkwater, Cyber & Financial Lines Underwriting Manager – 07748 676262
Cliff White, Underwriter – 07971 923108
John Kellett, Underwriter – 07568 432512