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5 Sep 2022

With more people heading back into cities and offices after the pandemic, the topic of road safety has never been more important. Especially for cyclists, it’s vital to be aware of the...

1 Sep 2022

Home Office data has shown more customers leaving shops, restaurants and petrol stations without paying as the cost-of-living crisis bites. The data shows there were 51,486 offences of...

31 Aug 2022

Industry charity GroceryAid has teamed up with Business Debtline to provide support and guidance to the growing number of independent retailers facing debt and unpaid invoices.
The move...

30 Aug 2022

Nearly 14% of small UK businesses expect to close in the next twelve months, according to a new report published by the Federation of Small Businesses.

25 Aug 2022

The Trade Remedies Authority, the UK body that investigates whether new trade remedy measures are needed to counter unfair import practices and unforeseen surges of imports, has proposed that...

24 Aug 2022

The Department for Transport has announced a £12.7m trial to begin later this year, in which GPs in England will be able to prescribe walking or cycling as a way of improving mental and...

23 Aug 2022

Government research has revealed that UK businesses only begin to appreciate the importance of cyber security once the business has sustained a “serious” attack.

18 Aug 2022

Small shops are defined as any shop less than 1,850m² (or 20,000 ft²). There are around 500,000 small shops in England and Wales – accounting for £11.5bn worth of rateable...

18 Aug 2022

Over 100 leading UK retailers have written a joint letter to Police and Crime Commissioners in England and Wales requesting that violence and abuse against retail workers be made a priority,...

17 Aug 2022

Industry magazine BikeBiz has opened nominations for its annual retailer awards in association with ArmaUrto. Categories include IBD of the Year, Omnichannel Retailer of the Year, and Best...

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Protect your business against the fastest growing crime in the UK with cyber insurance

Posted on in Business News , Cycles News

Cyber attacks can occur at any point in time, businesses fend off all types of cyber attacks around the clock, 24/7 365.

From insider threats, through social engineering, to phishing, malware cross site scripting cyber attacks can start anywhere at any time.
For the majority of businesses their normal working environment transformed overnight, with COVID-19 restrictions significantly increasing remote working and resulting in greater opportunities for cyber crime. No longer does a company have to just protect its business locations, there are now hundreds, even thousands of locations to protect. Even businesses created to support remote and flexible working struggled to manage the risk and exposure on such a large basis.

The majority of victims of cyber crime are Small to Medium Enterprises. Ransomware attacks, fund transfer fraud, phishing, vishing and social engineering are all made far easier with employees working remotely, combined with insecure home Wi-Fi.

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Lack of investment

The media always report the big security breaches at major well-known companies, however, SME’s are the more common victims of cyber crime and attacks.

The reason you do not hear about SME’s is that no business wants to have their reputation ruined by admitting they have been a victim of cyber crime. The Federation of Small Businesses estimates that SME’s are facing up to 10,000 attacks daily. Cyber criminals see SME’s as easy targets, even though the proceeds are less. A lot of SME’s lack awareness and resources, investment in IT security and staff training on cyber security risks.

To learn more about cyber insurance click on the button below.

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