In a recent report, it was discovered half of Britain’s manufacturers have been the victim of cybercrime during the last 12 months. This was throughout a period where thousands of organisations were affected by the COVID crisis and moved to remote working. Cyber criminals have found new ways to exploit workers, with techniques such as the Bogus Boss or masquerading as emergency working platforms. Cyber is considered by many as the last line of defence for companies and has unquestionably become a higher priority in recent times.
For the UK, one in every 3,722 emails is a phishing attempt, according to Symantec. And cybercrime has been estimated by Purplesec to be up by over 600% due to the COVID-19 pandemic. Although shocking, these statistics show how very prevalent the threat of a cyberattack is. As the infamous saying goes: There are one of two companies; one which is victim of cybercrime, one which will be a victim of cybercrime.
So, what can companies do to prevent a cyberattack? We asked our experts to give us a brief insight on the advice they provide the clients of Romero Insurance Brokers. We’ve collated their advice into key points, outlining the best ways companies can protect against cyber attacks:
Strong Passwords
Arran May, IT System Administrator: “Strong passwords are crucial. They need to be changed regularly and not to be repeated across log-ins. We use the phrase ‘length and consistency’. Length indicating it needs to be a complex enough for hackers not to guess easily, and consist along a memorable theme.”
Mark Noble, IT Director at Romero Insurance Brokers: “We always recommend a sentence or phrase rather than a singular word. Something which is easy to remember like a phrase but impossible to guess. ‘Cheese&HamWithPickle69!’ or something else along those lines. Numbers and a symbol are recommended.
Effective anti-virus
Arran May: “Up to date anti-virus and anti-malware programmes are essential. This will require investment for the most fool-proof tool. Anti-malware software will catch out most of the risks before they have any chance to cause an impact. Without a good firewall, businesses would not be able to cope.”
Stay on top of system updates
Arran May: “Keeping all your software updated protects against loopholes. Over time, criminals find and exploit loopholes in old generations, so updating when available is the best way to stay protected. We check our major software for updates on a bi-weekly basis.”
Backup solutions
Arran May: “Now more common then it used to be, backing up and encrypting files is essential. I’ve seen instances where companies would have been in a fatal situation if not for their back-up data. We also recommend encrypting the data as an extra security measure. Many companies keep their live information secure, but forget to secure the back-up. Encrypting allows for online based disaster recovery, imperative if physical tape-based backups are lost.”
Secure Wi-Fi
Arran May: “Don’t access your work email or personal files while on coffee shop Wi-Fi. It seems obvious, but it’s still unsecure and irresponsible. The company building’s Wi-Fi should be much more secure, with a safe router location, private and public access, WPA2 encryption and a secure password. Consider a VPN and a HTTPS secure connection to your website through an SSL certificate.”
Educating your staff
Mark Noble: “Educating staff on the importance of cyber security is the most important point for me. No matter what we do, a lot of damage can be done from one rogue click. To stay protected, I would start with the staff. Provide seminars and informational guides on the dangers of cybercrime and on the most common risks. We try to use graphs and imagery to get the message across, as well as examples of phishing attempts.”
Here are examples of Romero’s teaching presentations:
Cyber Insurance
Business owners and managers must ensure they are as protected as possible from cyber threats that could impact their business. However, you can never eliminate all risk – Cyber Insurance provides peace of mind that your business is covered financially if something goes wrong.
A cyber criminal can target your business in several ways – and as we’ve seen this past 12 months, their techniques are ever evolving. Don’t get caught out! Romero Insurance Brokers’ cyber insurance will protect you in case of any eventuality and ensures your business doesn’t lose out financially.
Following the advice of Romero’s experts, Arran May and Mark Noble, your company should stay protected. Cybercrime is a huge subject with many facets and contributing factors; the experts agree it is impossible to be 100% risk free. The only true way to protect yourself financially is by using a broker.
For more information on cybercrime, cyberattacks, the common issues and their solutions, see our article:
Romero’s Ultimate Guide to Cyber Insurance
We have also created a comprehensive guide to help you understand what cyber threats are, how they could manifest themselves in your business, and more importantly, how to protect yourself. So click below to download and get one step closer to securing yourself and your business.
Alternatively, get in touch to speak to our team about how we can help.
