Cyberattacks – how safe is your business?

Cyberattacks on UK business rocketed by over a fifth last year leaving firms with a whopping £1billion bill – industry experts say.

That’s a massive impact on companies up and down the country.

It not only leaves businesses out of pocket but can even make productivity grind to a stuttering halt.

The unseen enemy can do all this without picking a lock, smashing a window or climbing a fence.

Cybercrime is big business and with good reason. Headlines have been dominated by the attacks in recent times – from TalkTalk to the NHS, it seems no one is safe.

The Cyber Risk Survey Report last year revealed 81 per cent of larger companies and 60 per cent of SMEs were affected by a cyberattack in 2014.

Companies rely more and more on the internet for communications and transactions, but that leaves people vulnerable to cyberattacks.

It’s essential to have the best internet security in place as the last line of defence to your customers, records and other vital data. But what about plan B? That’s where insurance comes in!

A typical policy would cover damages and protect losses caused by a loss of business.

Business Interruption Insurance can help with the financial ramifications of not being able to operate business-as-usual for a period of time.

This safety net, as well as helping cover the costs of lost business, can also help curb the costs incurred through and helping to cover unexpected costs such as temporary office location or replacement equipment.

Insurance won’t stop these attacks happening, but they may just help bosses sleep easier at night knowing a level of protection is in place to help their finances and employees.