How safe are your networks?

Sophisticated cyber-attacks are on the rise. Research published this year reported that there was a malware attack every five seconds. That’s 18,000 events every single hour. Cyber-attacks are a big and expensive problem. How big? Well Lloyds of London this year estimated that cyber-attacks cost businesses some $400bn every year, that’s 1% of global income. To try and mitigate this the world is now spending $80bn a year on information security.

Can it happen to you? Well in 2014 an Experian report stated that 43% of businesses had experienced a data breach. In the US nearly 20% of companies reported that they had lost between $50,000 and $1m in the last 12 months.

This isn’t just a US phenomenon. Anyone reading the press in the UK over the last six months will recall issues faced by certain FTSE 100 companies who were victims of cyber-crime. We sometimes think of these losses solely in terms of their reputational damage yet they’re also measured in financial terms by large falls in share prices or in customers staying away.

Most companies rely on their IT professionals to keep them safe. Unfortunately according to a 2015 report on network vulnerability by EiQ Networks, only 21% of IT professionals are confident that their information security systems are sufficient to mitigate risk.

Can your business afford to fall victim? Can you afford the direct losses or losses stemming from business interruption as a result of a denial-of-service attack?

You can now protect yours business with specialist cyber-crime insurance. Talk to an expert today. Call Business Insurance Service on 01273 789 979 to find out how we can help.

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