How to avoid the effects of cyber crime
Cyber attacks are on the rise, and are becoming increasingly more intelligent. If cyber criminals continue operating at their current rate, then, by 2025, research indicates that global cyber crime costs will reach $10.5 trillion – up from $1 trillion this past year. In this area of ever evolving threat, it’s difficult to stay protected, but it’s not impossible.
And the most concerning part about cyber crime: It can affect organisations of any size.
No longer are these attacks solely targeted at multinational corporations and government agencies. Businesses of all shapes sizes are seeing an upward trajectory of the number of cyber attacks directed at them. Whilst you might think you won’t be a target, clubs like yours hold data of significant value, and may not have the relevant investment in cyber security to protect yourself. This makes you an easy target for potential cyber criminals.
Because of this unprecedented risk for all business, we’re taking the opportunity to shine a spotlight on what the risks entail, and how you can protect yourself against them. As an insurance broker that is dedicated to protecting your business, we’re here to give you the insight into staying safe online and the importance of cyber insurance.
Cyber Crime Risks
Traditional risks to businesses such as fire and theft have physical consequences and are something that we’re all familiar with. But cyber crime risks are a little different. They hide in plain sight masquerading as legitimate activity, when in reality, one wrong click could put your club at serious financial risk. Whether it be through malicious software that will infiltrate your system and destroy your files or ransom attacks where cyber criminals withhold data or a systems hostage, or possibly encourage your team to make payments that aren’t legitimate; each cyber threat has the potential to cripple a club. Particularly one that is under protected and under insured.
Because the threats are invisible, they are easy to dismiss. It’s common to think that it’s something that will happen, to someone else until it happens to you. And it’s at this time that you’ll feel the impact of not taking cyber threats seriously.
Statistics on the effects of cyber crime
With around three quarters of organisations claiming they have insufficient cyber cover, or none at all, there’s a real chance that you and the people around you are at risk from these threats.
In the past year alone, 74% of small businesses have reported a cyber security breach, and the Identity Management Institute have shown that around 90% of cyber attacks are successfully executed, with credentials stolen or socially engineered from employees or volunteers.
Up to 88% of UK companies have suffered breaches in the last 12 months. £16,100 is the average cost of a data breach for SMEs in the UK, showing how important it is to be financially covered.
This prevalence demonstrates how crucial cyber security is, and in turn shows how important it is to invest in cyber insurance and crime insurance. Because we can guarantee that the cost of your policy, will be nothing in comparison to the potential costs entailed if you fell victim to a cyber breach or attack.
Tips on avoiding the effects of cyber crime
Here are some quick tips on avoiding cyber crime and noticing the warning signs:
- Don’t open emails with links
- Have dual authentication for all payments
- Complex passwords – consider a password manager
- Educate yourself and your staff on phishing emails
- Only access secure websites and networks
For more detailed advice and tips, see our articles on cyber security.
Use a Broker to negate the effects of cyber crime
At Club Insure, we focus on how to keep your business better protected. We frequently outline the steps you can take to secure your digital property and most importantly, how to insure yourself against the worst happening.
Because of the ever-evolving nature of cyber crime, it’s impossible to be 100% safe. It is however possible to be 100% covered. Contact Club Insure today to discuss our cyber insurance policies.
If you have any questions about cyber insurance, or want our team to help you get secured, speak to us today.