Cybercrime is a sport; you cannot always beat the cyber-criminal!
Cyber attacks across the globe are increasing and continue to evolve.The main increases are AI driven attacks, vishing attacks (voice phishing) and exploitation of third party vulnerabilities. All are extremely difficult to identify and certainly require a mindful approach to cyber protection, whether on mobile devices, desktop devices etc. The values of such attacks can reach into the $$$ trillions, and notwithstanding the financial impacts, the social impacts can be catastrophic to businesses and personnel.
In 2024 cloud security vulnerabilities and particularly misconfigured cloud settings, were identified as a major driver of over 45% of all breaches. In 2025 there has been a 75% increase in Cloud Attacks – which has led to 76% Spike in Data Theft. Big or small business are all targets, cybercrime statistics state 50% of business will be attacked within the next two years, so it’s not if but when.
Having insurances, and fundamental policies and procedures in place are necessary for any business. All such things help and, having best practice in place, may assist in recovery of losses. Please consult with professional Insurance Brokers and IT Specialists, consider having the following;
– Cyber Insurance
– Professional Indemnity Insurance
– IT Policies and Procedures, including backup routines, authentication protocols for accessing software, Social Media policies, up to date virus software, and remember if anything looks unusual, report it to your IT Consultant.
– Banking processes and routines, and where possible, have a 2 signature authorisation process and bank account confirmation process.
Think about some of the recent ‘large organisation’ cyber attacks and imagine if your major suppliers were hacked and not able to supply for a month or more, what would happen to your business, or your Business was attacked, and you had to;
– replace all your software & hardware
– contact all your suppliers & clients
– fund the business until things are back in control
– counsel and manage all your staff stress, and
– get legal, accounting, banking and human resource advice, where would you go, where do you start?
Protect your brand and protect your business from financial loss and major disruption, consider having proper policies and procedures in place and invest in cyber insurance. One phone call to your cyber insurance provider takes care of the above problems. Always consider advice from Insurance advisers and IT providers / advisors.
