In today’s world, cyber threats are not a distant possibility, they are a reality affecting businesses of every size. According to a 2023 report, nearly 50% of UK businesses experienced a cyber breach or attack in the past year. Yet, despite this alarming trend, many organisations are still unprepared.
With industries increasingly relying on IT, cloud services and operational technologies, the risk of cyber-attacks continues to rise. What’s more, cybercriminals are evolving, using advanced tools like AI to create more sophisticated and targeted threats. In fact, AI-driven phishing and ransomware attacks are growing at an unprecedented rate and attacks on cloud systems nearly doubled in 2022.
The Cost of Doing Nothing
Cyber-attacks can have devastating financial, operational and reputational consequences. Consider this: cybercrime costs UK businesses an estimated £21 billion per year. The average cost of a cyber-attack to a UK business was £10,830. But beyond the immediate financial hit, companies also face the loss of customer trust, potential fines for data breaches and long-term damage to their brand.
Many companies are also finding that without cyber protection, they may be seen as a risk by clients, partners and stakeholders. In today’s business environment, being cyber secure isn’t just about safeguarding your operations; it’s a mark of professionalism and resilience. Those without adequate cyber defences risk losing out on opportunities, while those with robust protection are positioned as responsible and forward-thinking.
The Rising Threat of Ransomware
Ransomware continues to be a top concern for businesses. These attacks lock up your systems, halting operations and demand payment for their release. What’s more alarming is that ransomware attacks increased by over 90% in the last year and the cost of downtime following such attacks can cripple a business for weeks or even months. The increase of AI has unfortunately also contributed to the growth in ransomware, which reports suggest have doubled in number.
Why Cyber Protection Is a Must for Growth
Cyber insurance is more than just a backup plan; it’s a critical part of your business strategy. With threats on the rise, having the right cover in place shows that your business takes these risks seriously. This can set you apart from competitors and give you peace of mind as you grow. In fact, businesses with strong cyber defences are often viewed more favourably by partners and clients, enhancing their reputation and positioning them for long-term success.
What You Can Do Now
It’s essential to take a proactive approach to cyber security. We recommend starting with preventive measures:
- Employee training to recognise phishing attempts
- Multi-factor authentication (MFA) to protect access
- Segregated backups and regular system testing
- A well-structured incident response and business continuity plan
But even with these protections, cyber-attacks can still occur. That’s where cyber insurance comes in. It offers comprehensive coverage for everything from ransomware payments and business interruption to legal costs and data recovery.
Cyber insurance policies provide the following covers to protect your business:
- Incident response: a 24/7 helpline when you suffer a breach
- Business interruption loss of profit
- Restore computer systems and recover data
- Notification costs when there is a requirement to notify affected parties
- Ransomware payments
- Legal defence costs and IT forensic costs
- Provide cover for claims made against you for data breaches, such as defence costs and settlements
How We Can Help
Every business is unique and so are the risks that they face. Our cyber insurance solutions are designed to provide your business with tailored protection, ensuring that when the unexpected happens, you’re ready.
To learn more about how we can help safeguard your business against cyber threats, contact us today at contact@thomas-carroll.co.uk or on 02920 853788.
Our team is here to guide you through the process and help you put the right cover in place.
Sources
SoSafe Cybercrime Trends 2024
Twenty Four IT UK Cybercrime Statistics 2024
