The manufacturing industry contributes £6.7 trillion to the global economy yet two-thirds of all UK manufacturing businesses don’t have cyber insurance.
A click of a button: What’s the worst that could happen?
Recent figures show that hackers stole more than £4.5bn from the British population alone last year, with over 17 million victims hacked. Recent reports indicate that almost half of UK businesses have been subjected to a security breach or hack. Fresh figures suggesting these statistics may rise again this year. However, is it that hackers are becoming smarter or individuals and businesses are failing to protect themselves appropriately? Perhaps we haven’t considered the worst-case scenario…
Hackers typically target access or log-ins for various websites, apps, and banking sites. They can use credit cards to make fraudulent transactions and to steal identities and personal information. On average, a clean-up of these types of hacks can take 2 working days and some can take longer depending on the severity. So, what if by accessing your personal information, the hacker gains information about or obtains access to the company that you work for?
As prevalent now as it has ever been, hackers target businesses of all sizes for a multitude of agendas. If a hacker breaches a business’ IT network, they may gain access to customer information, potentially exposing sensitive data. A hacker will use ransomware to take control of data, pressurising the business into payment.
Worse still, hackers may steal, delete or leak intellectual property, which could cause reputational damage, huge financial losses, and CEO, director or staff dismissals. Ultimately, a large-scale hack could push a business into insolvency regardless of size or stature. If, say, your business deals with public money, assets or information, what could the consequences be?
The Nation and Beyond
Potentially, hackers could use your business as a gateway to take down power grids or networks, entire sectors of commerce, critical energy or financial services infrastructure, possibly inciting terrorist threats or attempting to influence public agendas in elections, campaigns or ideology.
Terrifyingly, this could all be started by clicking what seems to be a legitimate link in your personal email inbox. A serious cyber-attack on a national scale is a matter of when and not if, according to Ciaran Martin, head of the UK’s National Cyber Security Centre. Is your business and its employees shrewd enough? Will you be ready should a major attack occur?
If you have security concerns for your business or feel you or your staff are untrained to deal with such an event, contact Fiveways Insurance on 01952 812 380 for a risk assessment of your business.