UK businesses are under increasing threat from cyber attack, yet it remains one of the most underinsured risks. Saxon East reports
It was a major cyber attack that broker Stephen King would not forget.
His client, a pub operator with around 200 sites, had suffered a severe ransomware attack where substantial amounts of data had been compromised.
King and his team at broker James Hallam swung into action, working with the insurer and their forensic experts to recover all the data within 48 hours.
No-one, regardless of their size, is spending enough on cyber security and I think that’s got to change.
Stephen King, James Hallam
Thanks to the quick response, the firm steered clear of business interruption losses and avoided ransom payments. However, the information technology forensic work and replacement of potentially corrupted equipment meant total costs ran close to a million pounds.
The lesson was clear: even with a good outcome, cyber-attacked companies can pick up a large bill.
King, James Hallam’s divisional manager of cyber, South West corporate, says: “No-one, regardless of their size, is spending enough on cyber security…
