What is cyber crime and how can it affect you?
A cyber attack is an intentional or malicious attempt to damage, leak or steal sensitive information from a computer network. This is usually achieved by attackers gaining unauthorised access to a system, or intercepting emails between your business team members.
Cyber criminals are increasingly focusing on smaller, less protected businesses, and are more sophisticated than ever before. Whatever size of business you have, there will be technological vulnerabilities that your IT security system cannot prevent. One small business in the UK is successfully hacked every 19 seconds.
Types of cyber claims
More than 95% of cyber claims are for first party losses only, and they fall into three broad categories:
- Theft of funds: Most businesses transfer money electronically, making thefts via cyber crime easier. The most common form of theft is through social engineering, where criminals imitate a third party, such as a supplier, and trick the victim into transferring money to their account with false invoices and requests for funds. Whilst extortion of funds through ransomware can grab the headlines, so called ‘CEO fraud’ is…
