The latest insights from NFU Mutual for you;
With cyber-attacks becoming a more frequent occurrence as technology develops, businesses of all sizes are being urged to step up levels of protection as part of Cybersecurity Awareness Month.
While recent high-profile attacks include the likes of Jaguar Land Rover, Marks & Spencer and the Co-op, smaller companies are just as susceptible to falling victim of online criminals, according to NFU Mutual.
Research from the commercial insurer shows more than two-thirds of micro businesses and sole traders were concerned about the possibility of a cyber-attack affecting their business. And their concern is well-founded, with a third of small businesses having experienced cyber-crime and, of those, half of them had suffered in the last 12 months.
Almost one in five (17%) of those surveyed said the rise of cyber-attacks was one of the biggest challenges their business is currently facing, and the same percentage see cyber-attacks as one of the biggest threats to their business over the next five years. Despite that, though, more than one in seven admitted to not taking any specific steps to protect themselves from online criminals.
The retail industry is one that regularly suffers at the hands of cyber-crime, with NFU Mutual research showing more than three in every five retailers surveyed (63%) had been hit at one point or another. In the last 12 months alone, 16% said they were targeted.
Customer fraud (33%) was the most common issue for retailers, with phishing scams (28%), data theft and breaches (21%) and malware or viruses (17%) also impacting the sector.
James Trevis, NFU Mutual’s cyber specialist, said: “Small businesses are increasingly reliant on digital tools, but often lack the resources to defend against cyber-crime. This makes them prime targets, especially – as our research shows – for those who take no steps to protect themselves.
“Whilst this risk cannot be eliminated, it can be mitigated through positive action. This should include good cyber security hygiene – including two factor authentication on critical applications, software updates and employee education – but also planning for the worst and we would urge all to step up security where possible.
“NFU Mutual’s research shows the large number of retailers impacted by this crime, with the sector using digital technology in the every-day running of their businesses. The risks are very real and something our retailers should absolutely be aware of.
“Action on cyber risk is not a luxury; it’s essential for protection.”
Find out more about NFU Mutual’s cyber insurance: https://www.nfumutual.co.uk/business-cyber-insurance/
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