How rising cyber threats could be putting your clients at risk
Authored by NIG
What’s the challenge?
Rising numbers of homeworkers and a focus on digitisation during the Covid-19 pandemic have left companies increasingly vulnerable to cybercrime. The Government’s Cyber Security Breaches Survey 2021 shows that four in ten businesses have fallen victim to cyber-attacks in the past 12 months, costing an average of £8,460. As more companies embrace hybrid working in the long-term and cyber threats become increasingly sophisticated, it’s essential companies take steps to protect themselves.
Five things to know about rising cyber threats
- UK businesses are attacked online once every 2.5 minutes.
- Direct security and user monitoring and upgrading hardware, software and systems have all become more challenging while working from home and this, coupled with increased demands on IT teams, has contributed to companies becoming increasingly vulnerable.
- Direct costs aren’t the only impact of a cyber-attack, they can also lead to reputational issues, rising insurance costs, operational disruption and long-lasting damage to customer relationships.
- Just three in ten businesses (31%) have a business continuity plan that covers cyber security.
- The head of the National Cyber Security Centre has warned that ransomware attacks – where a form of malware encrypts a victim’s files and the attacker then demands a ransom to restore access – are the key security threat for UK businesses.
How can we help you boost your clients’ cyber resilience?
- Cyber Essentials offering available as part of Risk Assist – Risk Assist provides clients with access to the Government-backed Cyber Essentials programme, which defines the technical requirements to reduce exposure to the most common cyber threats by up to 80%. Businesses can obtain an official certification of compliance to demonstrate their commitment to better cyber security practices.
- Cyber Cover – Available as a stand-alone product or an optional add-on to our Commercial Combined product suite, our Cyber Cover can help give your clients peace of mind in the face of ever-evolving cyber threats. As well as cover for investigation costs and loss prevention measures, they’ll benefit from access to IT forensic experts, data recovery assistance, legal advice and crisis management expertise.
Cyber resilience quick wins – for both you and your clients
• Use a Virtual Private Network (VPN)
• Harden your perimeter with Firewalls, Web Application Firewalls and Intrusion Prevention Systems • Test back-up and restore procedures regularly
• Don’t allow privileged users (e.g. Domain Admin) to access the internet
• Don’t re-use credentials across multiple sites – use a Password Manager
Speak to your NIG contact for more information on how we can help you boost your clients’ cyber resilience.
We’ve been experts in commercial insurance for 125 years.
The National Insurance and Guarantee Corporation (NIG) is a broker only insurer; we believe in getting to know both the brokers we work with and their clients’ businesses, building trusted partnerships that last for the long-term. Our highly experienced underwriting team are focused on working with brokers to identify and understand the risks faced by UK enterprises. Together, with our risk control experts and risk management tools we develop solutions to help UK enterprises reduce and mitigate key exposures. We offer a wide range of products with flexibility to create tailored insurance cover and when clients need us, claims are dealt with quickly and fairly through a proactive claims approach.
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We are dedicated to making UK enterprises more resilient.
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