Cyber Security Awareness Month 2020: Do Your Part #BeCyberSmart

With October being Cyber Security Awareness Month, we at NMU are once again taking the time to educate and inform about the ever-changing cyber market. The theme for this year “Do Your Part. #BeCyberSmart” empowers both employees and organisations, while emphasising 2020’s key message of implementing stronger security practices and raising community awareness. With this in mind, we will be exploring a range of new and emerging cyber risks during October.

When looking at recent statistics from BSI, it’s clear that cyber-attacks present an ever-growing threat to businesses, both large and small – with almost half (46%) reporting a cyber security breach in the last 12 months. Not only are such attacks becoming more common, they have become more consistent too, with 33% of businesses in 2020 experiencing weekly issues, compared with just 22% in 2017. Despite the increasing threat that businesses face, data from the UK government suggests that only 1 in 10 have some form of cyber insurance. These figures indicate that the large majority of businesses who suffer an attack will be left vulnerable, many of which are SMEs who do not fully understand the risks cyber threats pose.

The increasing threat

With many businesses working remotely in 2020 – opportunistic cyber criminals have sought to take advantage of the lower security standards employees’ private Wi-Fi networks typically present, attempting to infiltrate them and gain access to the organisation’s virtual private network (VPN) and data. Alongside this growing trend, we have also seen a drastic increase in phishing attacks in 2020, with a 667% rise in attempts from February to April.

Taking these factors into account, it is more important than ever for businesses to not only understand the monetary and reputational consequences that cyber-attacks can wreak, but also how they can protect against them with education and cover that’s fit for purpose. Research shows that in 2019, around 90% of cyber claims stemmed from some type of human behaviour, with human error seven times more likely to cause data breaches than hackers.

Cyber security should be high on your agenda

A recent BSI survey revealed that 8 out of 10 businesses questioned said that cyber security is a high priority for their senior management board. In addition, more organisations have expanded their staff to include job roles relating to information security and governance in the last year – indicating a growing acknowledgement of the danger cyber risks present.

During the month, we’ll explore areas which can help protect and make businesses more resilient against cyber risks. In the meantime, some of our previous articles will be of interest and assistance, which you can find here.

Get CyberSafe

Despite these positive steps however, many modern businesses are still likely to suffer some form of cyber attack in the future. Fortunately, our CyberSafe product Provides UK SMEs with a simple, robust solution for cyber liabilities, cybercrime and restorative support.

For more information about our CyberSafe Insurance or our e-trade solution, contact your local NMU Development Underwriter or our Cyber & Financial Lines Underwriting Manager, Matt Drinkwater.

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