Cyber crime


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Cyber Crime - Cyber risks are faced not just by e-commerce companies.

Source - Covernotes, Summer 2012 - Willis Network

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Cyber crime

  1. 1. Cyber
  2. 2. These are words that are commonlyused to describe the opportunities ofthe cyber world. They could also be used to describethe risks that arise alongside thoseopportunities.
  3. 3. Cyber risks are faced not just bye-commerce companies.Those doing transactions over the internet; anycompany reliant on computer networks, digitalinformation or the internet faces theseexposures. This means just about every size ofbusiness in the world today.
  4. 4. Cyber crime regularly hits the headlines.Last May - Britain’s Serious OrganisedCrime Agency announced that co-ordinatedraids in Australia, Europe, the U.K. and U.S.Had shut down dozens of sites selling creditcard details.Credit card details or bank account numbers were being sold for as little as £2.
  5. 5. .The Scottish government have also appointeda minister with the responsibility for tackling thegrowing threat posed by cyber criminals.Cyber crime is estimated to cost Scottishbusinesses £5bn a year, with a Governmentreport estimating the cost to the U.K. economyoverall is £27bn a year.
  6. 6. The threat level is serious andgrowing but what can smallbusiness do to tackle the risk ofcyber exposures, includinghackers, privacy invasion, virusesand network disruptions?
  7. 7. Educate your employees. Developguidelines for staff on internet securityand threats.Ensure all passwords are complex and atleast eight characters. These should bechanged regularly. All mobile devicesshould be password protected.
  8. 8. Regularly assess your security risks. Thecyber world is continually evolving as arethe risks.Keep your virus/malware software up-to-date and ensure regular scans by yoursoftware are scheduled and completed.
  9. 9. Back-up your systems regularly onremote devices. Should your data beattacked, ensure you can get access toyour client records easily and be up andrunning quickly.Be proactive and develop a security andrecovery plan.
  10. 10. In some cases, traditional insurancepolicies may not respond to lossesinvolving information systems.Specialist cyber liability insurance coveris now also available to help protect yourbusiness against cyber damage.
  11. 11. In the case of data breaches this mayinclude costs for forensic investigation,notification, credit monitoring, somepublic relations activity and crisismanagement fees to limit reputationaldamage, as well as some regulatory anddefence costs and liabilities.
  12. 12. When considering this type of insurancecover, the more pro-active you are inprotecting your business (and provingthis to insurers), the easier it will be toobtain the most competitive quotationsand range of covers.
  13. 13. For more information on cyber liabilityinsurance please contact us on the detailsbelow.Century House 8 New Concordia Wharf, Suite B,Pepper Road, Mill Street, Salt Warehouse,Hazel Grove, London Canal Basin,Stockport, SE1 2BB Sowerby Bridge,SK7 5BW W Yorkshire, HX6 2AGTel: +44(0)161 419 3000 Tel: +44(0)207 394 2156 Tel: +44(0)1422 317280General email: Accounts email: Marketing