The reality of cyber losses for SME's
Interesting chart from CFC Underwriting showing the proportion of cyber claims, by type, suffered by small business. What this shows is that the vast majority of losses suffered fall into 3 categories:
1. Cyber crime
This category will include all sorts of social engineering losses (where a fraudster sends an email purporting to be from an individual in authority within an organisation requesting electronic funds transfer) or other funds transfer fraud. 95% of these claims come from businesses with revenue less than £100m
This is where company networks are infected with malicious software which lock or encrypt the data on the computers and then a ransom is demanded for the unlocking of this. Insurance can help by providing both financial assistance and access to specialist consultants to manage to whole situation
3. Data breach
This type of breach is likely to be a loss of a laptop or other device which holds sensitive information on customers, suppliers or employees.
Hopefully these figures highlight that any business, of any size can potentially fall victim to any of these risks. Affordable insurance solutions are available to mitigate these risks and protect your business against the potentially losses arising.
Speak to me if you want more information.