Effective insurance isn’t just there to cover losses

Many businesses believe that cyber-attacks only happen to the very biggest companies, however the statistics show a different picture. The reality is that no matter the size of a business, nowadays an attack is likely to happen at some point.

By Gary Clifton, head of corporate clients, NFU Mutual Preston

How well a business reacts determines how damaging the attack is, but how do you get ready for something so abstract, when you are not a computing specialist and have a million other important things that need attending to, right now?

Small and medium-sized businesses can be easy targets for attackers who prey on lack of expertise and preparedness and attackers will often request small, ‘reasonable’ ransom fees, which makes it tempting to pay up in order to get on with a busy day.

Now that they know they can get away with it, the cyber thieves can be encouraged to strike twice, or even many more times.

The government’s Cyber Essentials Certificate is a great first port of call for businesses who want to enhance their chances of keeping attackers out. It is a step-by-step guide that helps businesses to guard against the most common cyber threats and demonstrate their commitment to cyber security. You can find more detail on the National Cyber Security Centre (NCSC) website, www.ncsc.gov.uk

Many businesses aren’t aware that insurance can also help. Effective insurance isn’t just there to cover any ransom losses resulting from a cyber-attack; cyber experts will be on hand to quickly provide support and/or manage the attack by engaging an incident response team and guiding you through the entire process.

They can think about the things you wouldn’t, freeing you up to carry on with fulfilling requests for customers.

From dealing with the attackers and technical aspects or lost data, to providing guidance on regulatory and legal matters, or simply covering your costs and liability. Insurance can of course also cover for any business interruption costs, and even in enlisting the help of a specialist PR company to manage reputational aspects if the damage becomes severe.The right insurance starts with the right conversation. For further information about NFU Mutual in Preston visit www.nfumutual.co.uk/preston or contact 01772 735798.