LONDON, July 18, 2012 /PRNewswire/ --
- Only 25% are very confident in
their security measures -
Research by Hiscox; specialists in small business insurance, has
found that one in ten (10%)* small businesses in the UK have
experienced a data hack. The research also revealed that 90% don't
have a cyber crime insurance policy in place to protect them
against the financial, business interruption and legal costs they
would incur should they be struck by cyber crime.
Hiscox found that while four in ten (41%) SME owners are
concerned about their computer systems being hacked, only 25% are
very confident about the security measures their company has in
place to protect against these risks. The research also shows
that small business owners are more concerned about risks relating
to cyber crime, such as being hacked (39%) or phishing (36%), than
they are of physical items (laptops, customer paperwork) being
stolen from the office (31%).
Hiscox SME insurance expert, Alan
Thomas, comments: "Cyber crime is costing the UK economy
around £11bn a year** and while the media is reporting a growing
number of high profile data breaches, some small businesses may
also be a popular target for hackers because their systems are
usually easier to get into and the breach may not be found out for
a good few weeks."
"We know that cyber crime insurance policies might be the last
thing on an entrepreneurs' mind when they are trying to drive their
business forward on a day to day basis, but it is worrying that
over one in ten (13%) of these businesses don't know what security
measures they have in place and if they are protected from online
crime", Thomas says. "It is increasingly important for small
companies to evaluate all the risks their businesses face, both
online and offline, and include their IT security and protection
requirements in the overall contingency strategy."
Hiscox offers the following security tips to help SMEs protect
themselves against online risks:
- Running an enterprise is a full-time activity and if you do not
have online technical expertise seeking professional advice on
security can save you time and hassle in the long run by
ensuring the security measures cover your business needs
- Protect information with an internal 'need-to-know' policy.
If storing information on a central file server, manage who
has access to these files. This can help prevent accidental or
deliberate data loss
- Encrypt important information for extra security so that only
authorised users will be able to access it
- Using the internet and email to conduct business means that
data loss becomes a bigger risk. Develop a clear email policy and
raise online security awareness with employees and follow up on
suspicious emails even if they're a one off
- Make it protocol across the business for employees to use
numbers and letters in passwords that provide much more robust
protection from online criminals, if you are handling client data,
you will need to ensure you possess a professional indemnity
insurance policy.
- Back up your files and check your insurance cover so that you
can get your business up and running again quickly in the event of
an incident
- Items like laptops and computer monitors are common targets for
thieves and the real cost of a stolen IT asset isn't just the
hardware; it's the lost data and the lost productivity. Lock
servers in a room and move laptops into a secure drawer at the end
of a working day.
Notes to editors
* The Survey Shop interviewed a sample of 300 UK SMEs
drawn at random from online panels of small businesses with fewer
than ten employees between 14 and 17th May
2012. The respondents were qualified as owners, partners and
directors. The research has statistical accuracy of +/- 2% to
+/- 4% for the whole sample at 95% confidence.
** A Ministry of Defence-initiated report (PDF)
containing the £11.6bn estimate (all figures converted from
dollars) was prepared in June
2012.
About Hiscox
Hiscox, headquartered in Bermuda, is an international specialist
insurance group listed on the London Stock Exchange (LSE:HSX).
There are three main underwriting parts of the Group - Hiscox
London Market, Hiscox UK and Europe and Hiscox International. Hiscox London
Market underwrites mainly internationally traded business in the
London Market - generally large or complex business which needs to
be shared with other insurers or needs the international licences
of Lloyd's. Hiscox UK and Hiscox Europe offer a range of specialist
insurance for professionals and business customers, as well as high
net worth individuals. Hiscox International includes operations in
Bermuda, Guernsey and USA.
For further information, visit http://www.hiscox.com.
SOURCE Hiscox
