86% of SMEs do not have any cyber insurance in place according to a recent survey by Aviva. This lack of insurance protection comes at a time of rapid digitisation, with statistics showing that 41% of SMEs updated their website in response to the pandemic while 39% moved online or improved their online offering.
96% of those businesses that made changes confirmed they would keep their online developments, yet only 11% had updated their cyber cover.
In the report, Aviva states that the pandemic has accelerated digital adoption across all businesses, meaning cyber insurance has quickly moved from a perceived luxury to an absolute must-have.
Cyber cover doesn’t just protect businesses against an attack, but it also ensures they have fast access to expert specialists, so they can return to normal as quickly as possible in the event of a cyber incident.
Six top tips for business owners
- If you are unclear about your digital risk, contact your insurance broker to understand the risks to your business and what protection you may need.
- Always use individual identification and passwords to access computer equipment and change default manufacturers passwords.
- Back up all data every seven days or less and store back-ups securely and away from the data or programs they relate to.
- All personal data must be stored and disposed of in a secure manner. The definition of ‘personal data’ includes information you hold on suppliers, business emails and employee data.
- Install any updates for firmware, operating systems, software or programmes within 14 days of release where the updates address a vulnerability described by the provider as critical, important or high.
- Ensure that any equipment connected to the internet or other network is protected by a suitable firewall and ensure it is updated automatically, or at intervals of a month or less.
Contact us today to understand the cyber risks your business faces and what protection you may need.
For more information on keeping your business safe online visit the NSCSC Cyber Aware pages.