Always good to learn more about the latest trends in cyber crime, so here’s some research by NFU;
A new survey by NFU Mutual shows that 53% of retailers said they had fallen victim to cyber-crime, as the commercial insurer urged businesses to step up security measures. In the last 12 months alone, one in 10 retailers said they had fallen victim to the crime, resulting in many reviewing their IT protocols. In fact, of those surveyed, 22% said they had increased IT security and a fifth of respondents had completed training on IT security and online safety this year. Firewalls, antivirus software or other measures to protect networks were also installed by 17% of respondents.
Despite investing in these security steps, just 11% of retailers surveyed said they had taken out cyber insurance in the past 12 months, prompting the commercial insurer to urge those in the industry to consider the impact an attack could have.
James Trevis, NFU Mutual’s cyber specialist, said: “Cyber-crime is sadly an ever-increasing threat to our industries so we’re urging bosses and employees to stay vigilant and do all they can to avoid falling victim.
“Retailers utilise digital technology in the every-day running of their businesses and, in doing so, are always potentially exposed to cyber threats.
“The ramifications can be extremely serious – from loss of income, legal liability, reputational damage and financial fraud, the risks are very real and something our retailers should be aware of.
“Our results show retailers have a number of concerns around wider physical security in the industry, but our survey highlights a growing focus on cyber threats.
“Many businesses are implementing security measures which is promising, however, robust defences can’t eliminate all risks. A comprehensive cyber risk strategy goes beyond prevention. It’s crucial to have a well-defined incident response plan and access to cybersecurity experts. Cyber insurance is a vital tool that complements these measures, providing financial protection and support in the event of an attack.”
The most common crime suffered was customer fraud, with nearly a quarter surveyed (24%) being victims, while the second highest was phishing scams (21%). Data theft or breaches (15%) and malware or viruses on computers (13%) also featured.
The official cyber security breaches survey, published last month, showed the growing threat across all industries – with half of all businesses having suffered a cyber security breach or attack in the last 12 months. Further to that, three-quarters of UK businesses say cyber security is a high priority for senior management.
Commercial insurer NFU Mutual has highlighted the following digital technology that would be at risk for retailers:
- The use of computers and software including email and other applications to communicate with customers, order materials and sell products
- Servers or digital storage facilities to hold customer and employee data
- A website to promote your business and sell products
- The use of online banking to transfer funds, purchase supplies and receive payment from customers
- Internet connected devices – such as office computer networks, CCTV and lighting.
To help protect your retail business, NFU Mutual recommends the following:
- Use strong passwords – but crucially don’t use the same log in details or passwords across multiple accounts and services, always separate personal and business accounts
- Implement Two Step Verification (Multifactor Authentication) – this is a simple method which requires two different methods to ‘prove’ your identity before you can use a service, generally a password plus one other method such as a text message or fingerprint
- Ensure all software is up to date and kept updated on a regular basis.
- Back up your files and data weekly and store on a separate, secure device.
- Educate employees around cyber-crime, including how to spot potentially dangerous or fraudulent emails
- Install a firewall and anti-virus software on all company devices and keep them updated
- Make sure factory set passwords are changed and equipment is set up with security in mind
- Where appropriate, use a Virtual Private Network (VPN) when allowing employees access to company systems remotely. Ensure this too is protected by Two Step Verification
- Don’t neglect physical security – ensuring all company devices are securely stored and locked away when not in use is just as important.
Find out more about NFU Mutual’s cyber insurance: https://www.nfumutual.co.uk/business-cyber-insurance/
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