More data is being collected than ever before. This makes businesses vulnerable to the risk of data breaches, which can result in hackers gaining access to private and sensitive customer information.
A 2018 survey found that 60% of SMEs had experienced a cyber incident in the preceding 12 months. In addition, 67% of SME owners believe they are not aware of all the cyber threats out there.
New threats are certainly emerging all the time. According to security company Norton, some of the trends for 2019 include:
- Cloud ransomware – ransomware is malware (malicious software) that prevents you accessing your data until you pay a fee (ransom).
- Artificial Intelligence (AI) hacking – security experts claim cyber criminals are using AI to build malware that can avoid security detection.
Businesses that don’t have specialised cyber insurance in place risk losses from cyber attacks. Cyber insurance provides financial protection for data theft or corruption, third-party liability and business interruption.
Traditional insurance products such as general liability, property and crime coverage do not as a rule provide adequate protection for cyber attacks or data breaches, so to get covered by targeted insurance, call your local Reliance partner for a discussion and quote.