Cyber security is important but getting security systems in place to prevent an attack is only half the battle. Cybercriminals are constantly evolving and no matter how well protected you are, it only takes one wrong click to infiltrate your network. This means that, as well as having your defences set up, you also need to ensure that you have a plan in place should your business be affected by an attack.

Cyber risk is now widely accepted as being one of the top emerging risks. As the pace of technological change continues to grow, organisations’ reliance on computer networks and the information they hold has become critical to their ability to offer products and services, interact with customers and employees, as well as ultimately generate revenue.

Did you know that nearly half of businesses (46%) and a quarter of charities (26%) have reportedly been affected by breaches or attacks in the last 12 months, according to the Cyber Security Breaches Survey 2020? It doesn’t matter whether you run a small business or a large global enterprise, no-one is 100% safe from a cyber attack.

Many attacks that happen to businesses arise because a member of staff has clicked on a phishing email or link.  As Organisations, Leisure Centres and Clubs plan for their return to Sport, there may be an increased risk of Scam or Phishing emails disguised as legitimate emails from Customers, Clients, Government or Service Providers.  These often link to malicious software which allows cybercriminals to conduct their attack on your business. Ensure to spread awareness amongst your staff about how they can spot phishing emails and what they should do if they receive anything suspicious in their inboxes.

It’s not just the cost of a data breach or damage to IT systems and networks that Organisations have to worry about, there’s also the risk of stolen funds, cyber extortion from Ransomware or loss of revenue for example, as a result of a cyber attack which compromises electronic systems, as well as then replacing any stolen or infected devices.

In addition to this, in the event of a breach, there could be further costs involved in notifying those affected (such as Employees, Customers or Members, whose data has been subject to the breach), restoring systems, providing Credit Monitoring, dealing with Regulatory bodies, and in some cases paying compensation, as well as then re-building brand confidence through public relations advice and campaigns.

Watkin Davies as official Insurance Partners to the WSA, work with a number of leading Cyber & Data Insurance providers, to ensure that we can put into place a comprehensive insurance policy to not only protect you against Cyber risks but also support you with risk management and crisis containment.

To find out how we can help you visit our dedicated Cyber Insurance page here or call us today on 02920 626 226 or email insurance@watkindavies.com

Daniel Abbott
Sales & Development Director
029 2062 6226