Are you more likely to suffer from Old Crime, or New Crime

As one of our valued clients in the UK you will be using the internet, email or cloud technology as an integral part of your business. A recent UK government report showed 60%* of small businesses had suffered a data breach in the last year and a further 16% of small businesses experienced a ‘denial of service’ attack, effectively making their computer systems unusable.

Recently hackers reportedly swamped a large high street retailer with junk traffic as a smokescreen, breaking into systems and stealing the details of 2.4m of their customers. The most common terms for the issues (threats) associated with cyber and crime include:

  • Data Breach
  • Viruses
  • Hacking
  • Employee Error

Assessing the risk to your business?

The loss of personal or customer data can bring significant financial loss and/or prosecution. Any attacks could also significantly impair the company’s ability to operate. Therefore if your business:

  • Holds sensitive customer details such as names and addresses and banking details
  • Is heavily reliant on computer systems to conduct its business
  • Has a website
  • Is subject to a payment card industry (PCI) merchant services agreement

Then it could be vulnerable to a data breach or loss of vital business services.

Changes in Legislation

In May 2018, the Data Protection Act will be replaced by the General Data Protection Regulations. Some of the key changes are:

  • Mandatory notification to the Information Commissioner’s Office (ICO) of any breach
  • Increases in the maximum fines imposed. Any fine imposed will be set dependent upon the severity of the breach
  • Individuals will have the right to require businesses erase their personal data where consent is withdrawn

What can you do? - Three simple steps for protecting you and your business

  • Identify and understand the risks - understanding the exposure of the business enables a number of precautions to be put in place such as; the encryption of sensitive data, install and maintain anti-virus software and firewalls, carry out daily backups of data.
  • Planning ahead - A viable Business Continuity Plan will also ensure that staff, customers and suppliers are reassured that there are effective policies and practices in place to manage the unexpected.
  • Risk Transfer - Many traditional liability and business interruption insurance products do not address the full range of risks associated with e-commerce and the internet. A cyber crime insurance policy will fill the gap in the protection of your business and can include your own losses and third party losses.

How can we help?

  • Our specialist service team will be available to discuss your options or can be included in your next review process. Please call us on 0121 778 5751

Source: 2014 Information Security Breaches Survey – Department for Business Innovation & Skills

Consultation Service

Are you concerned about the potential risks you face as a business from cyber attack. R V Wallis have a specialist service team that can review your circumstances and advise on the best course of action. We can provide the following services:

  • Risk management service – Our ‘Cyber Essentials’ service checks that you have adequate protection in place against cyber attack from the outset
  • Cyber Insurance cover – We can provide a quote for cyber insurance cover as a contingency