Many SMEs Still Uninsured Against Cyber Attacks

Despite knowing and understanding the risks, many small and medium-sized enterprises (SMEs) are still uninsured against cyber attacks. This means that businesses aren’t protected if they’re the victims of a cyber attack, be it malware, ransomware or phishing. Not only should businesses prepare for and mitigate the risks for cyber attacks, but they should also have the right insurance policy to make sure they’re covered if something does slip through the defences. So what are the risks to SMEs when it comes to cyber attacks, and what cover is available?

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Types of Cyber Attack

There are a number of cyber attacks that you should be aware of if you run a small or medium-sized business. No matter if you have an online-only business or only use digital as a small part of your business, you can still be vulnerable to a range of different cyber threats.

Malware (Including Ransomware)

Malware is any type of software that is installed on your system without consent that can cause damage. Computer viruses are a type of malware and can hide in your computer without you even noticing. Spyware is when a program is installed to collect information about you and your computer, tracking everything you do. Adware is when your computer becomes infected by pop-up ads.

Ransomware is a type of malware that can block you from accessing important and confidential company data, with the software demanding a ransom to be paid to regain access. A failure to comply could see those files either deleted or released to the public.

Phishing

Phishing is a type of attack where emails are sent that look legitimate on the surface but are used to gain personal or confidential information from someone or to encourage them to perform an action. This could be downloading an attached file or visiting a harmful website, which is one way in which malware can reach your computer.

Password Attacks

Passwords are used in almost every digital system to authenticate users, but when two-factor authentication isn’t available, logins are susceptible to attacks if passwords are too weak, too obvious or too guessable. Passwords can also be stolen through malware and phishing attacks to gain access to important information or systems.

Many SMEs Still Uninsured Against Cyber Attacks

Insurance Made Personal

Types of Cyber Attack

Malware (Including Ransomware)

Phishing

Password Attacks

Insurance Made Personal

Products

Industries

Information

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