Small and mid-sized enterprises (SMEs) are ideal targets for cyberattacks, according to a new whitepaper from Chubb.
SME owners are generally aware of cybercrime, but often see themselves as too small to be attacked However, when it comes to hacking, the fact that SME’s are not prepared make them a perfect target.
“Cyber criminals can easily pinpoint SMEs with few cybersecurity measures in place, which makes the risk of a cyberattack too great to ignore,” said Patrick Thielen, senior vice president of Chubb’s financial lines division. “Companies can create their very own cyber risk management programs, but before anything, they need to identify what areas of their internal system are vulnerable to a breach.”
‘Small businesses now comprise 43% of all spear phishing attacks – up from 18% in 2011,’ said Pascal Millaire, Symantec’s vice president for cyber insurance.
- SMEs can take simple steps to help protect against data breaches, the whitepaper said. These steps include:
- Developing and enforcing a formal, written password policy
- Educating employees about cybersecurity vigilance
- Updating IT equipment and monitoring computer networks
- Creating a cyber incident response plan
- Purchasing cyber insurance
Cyber insurance is very cost effective, with premiums starting from less than a £1 a day, they typically offer £250,000 cover for the following risks – Cyber Liability (Including Multimedia), Data Breach Notification, IT Asset Rectification, Forensic Costs, PR Costs, Regulatory Defence Costs, Credit Monitoring Costs, Cyber Business Interruption, Cyber Extortion
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