Cyber crime has been on the rise in recent years. Security magazine online estimates the loss to U.K. businesses at around £6.2million due to cyber related crime alone.
Common Cyber Threats
There are four main types of cyber crime used by criminals to steal passwords, data or access money.
- Phishing – these are bogus email, often imitating large companies, asking for security information or personal details.
- Hacking – this can include gaining access to and taking over your email address or social media accounts.
- Malicious Software – also known as malware, brings harm to your computer and can steal protected data and delete documents.
- Distributed Denial of Service (DDOS) – this type of attack focuses on your website and disrupting your normal traffic.
Cyber Crime and the Pandemic
Cyber security company, Nexor, analysed police data ranging back to 2019 and found that cyber crime had a 31% increase in the months of May and June 2020, the height of the coronavirus outbreak.
Between September 2019 and September 2020, hacking through email and social media was the most common type of attack on UK businesses, accounting for 53% of all reported cyber crime. This led to a loss of £2.9million. The was followed by hacking of computer services.
The Importance of Insurance
With the rise of flexible working and the need for bigger and better tech systems within business, cyber insurance is becoming a necessity for many businesses. It’s not only for larger businesses. Small businesses also fall victim to cyber attacks.
If you are considering cyber insurance, speak with a Safe & Insured broker who can advise on the best policy to fit your business needs. Call 0808 161 7008 or click here to arrange a call back.