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Specialist insurer Hiscox and Symantec, the cyber-security company, have partnered to offer a software and insurance aimed at small businesses. The firms point to low uptake in basic security measures, particularly amongst smaller traders (those with 30 employees or less), whether of backing-up of critical data, network firewalls, paid-for internet security, updating of passwords, credit card payment protection or data breach actions plans.

Hiscox quotes from its own Cyber Readiness Report 2017 that almost half (48pc) of small or medium sized businesses (those with under 250 employees) in the UK suffered one or more cyber-attacks last year costing an average of £29,000 in business disruption, fines, compensation and loss of revenue or assets. The IT security product company Symantec points also from its own 2017 Internet Security Threat Report in April to a general rise in cyber-crime globally, with more than a million new malware variants detected each day. Email as an infection point is now the weapon of choice for cyber-criminals, with one in every 131 emails containing a malicious link or attachment.

What they say

Stephen Ridley, Lead Cyber Underwriter at Hiscox UK and Ireland, said: “These days it’s not a case of if a cyber-attack will happen, but when. That said, knowing what protection is right for your business can be a challenge, as the risks posed by cybercriminals continue to evolve. It’s vital that all businesses are proactive in protecting themselves against cyber-crime and ensuring they have the people, processes and protection in place to deal with the consequences if they do suffer an attack. For smaller enterprises in particular, this can often be a challenge, which is why we’ve teamed up with Symantec to bring these core capabilities together in one package.”

And Nick Shaw, vice president and general manager, Consumer Business Unit, EMEA, Symantec said: “Businesses today rely on multiple devices to conduct business and access information. This free flow of information has created tremendous opportunity for small businesses and the cyber-criminals who target them. Under the upcoming GDPR, all organisations, even the smallest ones, will have to take cyber security measures to prevent data breaches and foresee remediation measures in case they occur. The unique partnership between Hiscox and Symantec will allow small businesses to help protect against and mitigate threats and risks.”

Visit https://www.hiscox.co.uk/business-insurance/cyber-and-data-insurance/complete-cyber.

http://www.professionalsecurity.co.uk/products/cyber/software-insurance/

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