Cyber-crime is on the rise

Cyber-crime is on the rise, and it's becoming an increasingly significant threat to our digital world. As more and more of our lives move online, cyber criminals are finding new and more sophisticated ways to steal our personal and financial information, commit fraud, and disrupt our digital infrastructure. 

According to recent news reports, UK organisations experienced an average of 788 weekly cyber-attacks across 2022, marking a 77% increase from 2021. The UK also saw the highest number of cyber-crime victims per million internet users at 4,783 in 2022, up 40% over 2020 figures. The cost of cyber-crime to the UK economy is estimated to be in the billions. 

A 2022 survey conducted by the NCSC reported that 30% of UK charities identified a cyber-attack in the last 12 months. Of those attacks, 38% had an impact on the service, with 19% “resulting in a negative outcome”. 

These statistics are concerning, and they highlight the urgent need for individuals and businesses to take action to protect themselves from cyber-crime. The truth is that cyber-crime is no longer the domain of computer geeks and hackers. It has become a professionalised industry, with criminals using advanced tools and techniques to target their victims. 

Many businesses are turning to cyber security insurance as a way to protect themselves from the financial losses associated with data breaches and other cyber-attacks. However, not all cyber security insurance policies are created equal, and it is essential to be cautious when selecting a policy. 

The first thing to look out for is the scope of coverage offered by the policy. Some policies may only cover certain types of cyber-attacks or may have exclusions for certain types of losses. It's important to carefully review the policy language and understand exactly what is covered and what is not. 

In addition to purchasing cyber security insurance, it is also important to take proactive steps to protect your business from cyber threats. One way to do this is by conducting a cyber security audit of your business to identify potential vulnerabilities and develop a plan to address them. 

Another great option is to gain Cyber Essentials certification, a UK government-backed scheme designed to help businesses protect themselves from cyber threats. Cyber Essentials certification involves undergoing an assessment of your IT systems and demonstrating compliance with a set of security controls. 

In conclusion, the rise of cyber-crime is a growing concern for businesses of all sizes, and it's important to take proactive steps to protect your business and data from cyber threats. By having a strong cyber security policy and business plan in place, along with the right tools to mitigate against cybercrime, you can reduce the risk of a data breach and minimise the financial impact if one does occur. 

In addition, cyber security insurance is now a strong option for businesses looking for added protection. With the right policy, you can have peace of mind knowing that your business is protected in the event of a data breach or other cyber-attack. 

Remember, cyber security is not a one-time fix. It's an ongoing process that requires ongoing vigilance and investment. By staying up-to-date with the latest threats and taking proactive steps to protect your business, you can reduce the risk of a cyber-attack and keep your data safe and secure.