Every company at some point is likely to experience a cyber-attack on their business. There is also the potential to incur loss due to such attacks. This is why your company needs protection from cyber attacks. This places great importance on cyber security and having robust cyber insurance.
What is a cyber attack?
A cyber attack is a malicious act, in which the primary objective is to damage data, steal confidential information or disrupt operations. The person performing the attack is often referred to as a hacker or attacker.
What types of cyber attacks are there?
There are various forms and methods in which a hacker can penetrate a company and inflict loss. We will mention them all, but only expand on the most common. If we are aware of the types of cyber attacks, it becomes easier for us to protect networks and systems against them.
One of the most common types of cyber attacks is malware. This refers to malicious software viruses including spyware, worms, ransomware, adware and trojans. Malware breaches a network through a vulnerability. Undoubtedly, the largest vulnerability are your people in your organisation, which is why cyber security training is especially important. When a user clicks on a dangerous link or inserts an infection USB stick, the attack starts.
A phishing attack is also another common cyber attack. Pronounced ‘fishing,’ it sends the victim fake emails with malicious links. Its intention is that the user will click on the link and the hacker will obtain access to confidential information. Phishing attacks can be disguised as one of your contacts, and thus hard to detect. Read our blog on phishing emails to learn more regarding this topic.
Another common cyber attack is ransomware. This type of malware infects a system, holds the victims data and systems until a fee has been paid. Other cyber attacks include, SQL injection attack, denial-of-service attack and zero-day exploit.
How can I protect my business?
To ensure protection from cyber attacks, this is where cyber security comes into play. There are many ways a business can ensure adequate protection from cyber attacks. Only 4% of organizations feel ‘very confident’ in their ability to stop ransomware. Outsourcing to an IT support provider like Cambridge Support will ensure you receive expert advice on protection from cyber attacks. Employing MFA, strong passwords and robust anti-virus software are essential and are what make up your cyber security for your business. But an additional method to protect your business is through cyber insurance.
What is cyber security insurance?
Cyber security insurance is a contract businesses can purchase to help reduce the financial risks of having an online presence. By paying a monthly or quarterly fee, the insurance policy removes some of the risks to the insurer.
How specialist cyber insurance can mitigate cyber risk
As cyber attack risks increase, companies need to ensure they have adequate insurance policies, as well as business practices to safeguard themselves. Specialist cyber insurance can help and knowing what your policy states is very important. For example, traditional property insurance coverage will not protect businesses from cyber attacks. The reason is that such risks are not implicitly included or excluded within the policy. This phenomenon is known as ‘silent cyber’ or ‘non-affirmative cyber’.
Many business only find out they are not covered until it’s too late, like WannaCry. In 2017 they experienced the biggest ransomware attack in history. The attack was not only damaging in terms of operational and financially, but also for their reputation. Therefore, not having the correct cyber security in place can be devastating to businesses. According to IBM in their 2021 report, organisations pay out on average £3.22million per cyber attack.
Hence, why your company needs protection from cyber attacks. Companies such as Barnes, who are commercial insurance brokers offer cyber liability insurance. Their policies will assist with legal costs, meeting ransom demands, restoring infected equipment, business interruption and more. Partnering with A rated insurers, their insurance programmers will ensure you are adequately covered. Not only in terms of insurance, but also support and guidance to minimise disruption in the event of a cyber attack.
For more information regarding IT support contact Cambridge Support.
For more information regarding cyber security insurance contact Barnes.