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Businesses are Protecting Themselves Against Cyber Attacks

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cyber crime insuranceA worldwide spike in cyber crime is leading to a greater number of UK business owners looking to protect themselves against the ramifications of stolen information and websites being shut down. Insurance companies nationwide have reported an increase in businesses taking out policies that protect them against cybercrime.

Cyber crime against businesses include stealing customers sensitive information such as credit card numbers, holding websites ransom or bring down systems and corrupting data as a form of cyber terrorism. A growing trend is criminals gathering personal data to carry out further crimes and trading information as a currency.

Government research shows that 9 out of 10 businesses in the UK have suffered from a data breach however many business owners don’t believe they are at threat from attacks. SME’s are stuck in the mind-set that criminals only target big organisations however the reality is that if a business is using computers and smartphones then they are at risk of falling prey to cyber crime.

The increase in computer systems used within businesses is also driving up the risk of people becoming victims of attacks. As businesses increasingly integrate computers throughout their workplace and put in place more advance technologies, some fail to have adequate security precautions added to protect those systems. An example is the increase in businesses shifting to cloud computing, when companies transfer huge amounts of data from physical locations to online cloud platforms, there is significant chance that the company is opening themselves up in some way to a breach.

Conducting cyber crime against businesses is a lucrative crime and many criminals are now focusing on the low hanging fruit, which most often is small to medium business. Criminals are particularly focusing on businesses such as law firms and accountants, who have sensitive data of clients and aren’t traditionally known for being at the forefront of cyber protection.

Larger companies are also taking out more comprehensive insurance policies; this comes after a survey revealed 14% of large companies believe they had sensitive data stolen from them. Having information stolen also has grave effects on companies reputations, research shows that 40% of UK organisations wouldn’t do business with another company if they knew a security breach had occurred.

Being protected against cyber crime is no longer something that businesses owners can avoid. The two ways they are able to do so is by putting in place protective measures to reduce the chances of attacks and for companies to make sure their business insurance also covers them against cyber attacks.

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