Why cyber insurance is your business's digital shield

The criminals are working hard to get to your data. What are you doing to protect it?

“An employee clicked on a dodgy link in an email on their home computer… the same computer they use to work from home. That exposed our database to cybercriminals and they basically wiped us out over a weekend.”

In today’s digital age, businesses run on data – and if that data is lost, stolen or gets into the wrong hands, it can mean the end of your business overnight. Data breaches, ransomware attacks, and phishing scams are just a few ways malicious actors can disrupt your operations, damage your reputation, and cost your business dearly.

If you think you’re too small to attract attention, think again: no business is immune. Regardless of size or industry, every company with a digital footprint is a potential target. Here are some of the places where your business is vulnerable:

• Remote working: Remote workforces expand the attack surface, with unsecured home networks and personal devices creating potential entry points for hackers.
• Unpatched software: Failure to patch known vulnerabilities in operating systems, applications, and firmware leaves businesses exposed to exploits readily available to attackers.
• Weak passwords and password reuse: Employees using weak passwords or reusing them across multiple accounts makes them easy targets for credential stuffing attacks.
• Phishing and social engineering: Deceptive emails, phone calls, or messages can trick employees into revealing sensitive information or clicking malicious links that download malware.
• Unsecured cloud storage: Improperly configured cloud storage buckets can expose sensitive data breaches if not secured with strong access controls and encryption.
• Internet of Things (IoT) devices: Insecure or poorly managed IoT devices can be exploited by attackers to gain a foothold in a network and launch further attacks.
• Insider threats: Disgruntled employees, contractors, or third-party vendors with access to company systems can pose a significant security risk.
• Physical security: Physical access to devices or servers can allow attackers to install malware or steal sensitive data directly.
• Supply chain attacks: Compromised vendors or suppliers within a business ecosystem can be exploited to gain access to a target company’s systems.
• Legacy infrastructure: Outdated and unsupported operating systems or hardware can lack security features, making them vulnerable to known exploits.

AI and automated attacks are set up to relentlessly pursue weaknesses in your system, so what can you do to protect your valuable data and minimise the impact of a cyberattack?

This is where cyber insurance steps in as a critical line of defence.