Whilst the risk of a cyber attack on your business is now a well publicised threat new figures form the insurer Zurich show the alarming rate that business in the UK is actually suffering an attack.
According to the research from Zurich 16% of UK small businesses suffered a cyber attack on their business in the last 12 months.
The report goes on to say that the cost of the attacks to small businesses was also alarming with with a cost of £10,000 for 21% and 11% suffering a loss of more than £50,000.
Yet the research goes onto say that despite these figures small businesses still appear to be unwilling to invest in adequate cyber security measures to protect themselves.
The Federation of Small Business (FSB) claims that in 2016 small businesses in the UK were attacked a total of 7 million times.
Failure to put in place adequate cyber security measures may also have additional downsides for business in addition to the cost of suffering a cyber attack. Customers are also becoming more engaged with the threats presented by cyber attacks and are increasingly seeking confirmation from suppliers of their cyber security arrangements. Failure to evidence a robust cyber security policy can actually hit your sales.
Whilst cyber risks insurance can help protect you against the financial losses incurred as a result of a cyber attack on your business “prevention remains better than the cure”, but with the ever developing threat of cyber attacks the truth is that a balanced yet comprehensive approach of adequate and robust security paired with a suitable cyber risks insurance policy is certainly the best way forward.