Cyber insurance

Cybercrime is becoming increasingly sophisticated, with criminals and mischief-makers using a variety of broad and targeted techniques to steal, destroy, or hamper the technologies and information that millions of UK businesses rely on. Common types of cybercrime include:

Malware

Malware is malicious software that is illegally inserted into your computer(s) and networks. If allowed to run, malware can:

• Cause a device to become locked or unusable
• Steal, delete, encrypt, or alter stored and system data
• Take control of your devices to attack other organisations or individuals
• Obtain credentials that give access to other devices, services or systems that your business uses
• ‘Mine’ cryptocurrency illegally and at your cost
• Use services that may cost your business money – such as premium rate phone services

Ransomware

Ransomware is a type of malware that prevents you from accessing your computer(s) and the data stored on them. It can also lock you out of your organisation’s networks and deliberately spread to other systems as a virus. Usually, the criminal responsible for placing this type of malware will demand a cash payment to release the lock they have secured. However, even if you pay the ransom, there is no guarantee that the lock will be undone. In some cases, the ransomware will deliberately destroy your stored data whether you pay or not – this is known as ‘wiper ware’.

Hacking

Hacking is the unauthorised use of or access to your computer(s) and digital networks. Criminals typically gain access by exploiting system vulnerabilities or tricking individuals into giving them passwords and security keys. Once they have bypassed your security measures, hackers can steal, alter and incapacitate your data and networks. In most cases this is done for financial gain but in some instances it is simply done as an act of cyber vandalism. Either way, the impact on your business can be catastrophic.