Understanding cybercrimes in respect of your business

Combatting against cybercrimes is an immense challenge for all UK businesses large or small. Knowing how to protect your company from falling victim to a cybercrime, what types of cyber attacks could occur and what to do, should your business become subject to a cyber security breach is crucial.

According to csoonline.com – ‘88% of UK companies suffered a data breach during the 12 months prior to May 2020 whilst only 37% were reported to the government cyber security agency, the ICO (Information Commissioners Office).

Some of the most significant cybercrimes in the last 12 months have included:

Boots Advantage Card – which saw attackers trying to log in by using passwords other websites.
Virgin Media – During March 2020, personal details of 900,000 was accessed via an open database. Luckily to their knowledge no personal details were accessed.
Facebook – Reported 419 million phone numbers, linked to user accounts had been stored on a server which was not password protected
British Airways Most recently, the ICO fined the UK airline a phenomenal £20m, after it failed to protect personal and financial data of 400,000 customers.

Phishing scams, malware attacks, identity theft and ransomware are all types of cybercrimes. Should your company be subject to any of these criminal offences then please report immediately to the https://www.actionfraud.police.uk/ and the https://ico.org.uk/

Reducing the impact of cybercrimes

Reducing the likelihood of a cyberattack in the first place, is the best route to reducing risk that a commercial company can take. So as to not fall victim to the most obvious cybercrimes, please be aware of the following:

Updating the Router – If your WIFI router has not been updated in the last 2-3 years, please contact your broadband provider about receiving an upgrade. The latest router technology is far more proficient at keeping out hackers.
Virus Protection – Ensure that your virus protection is up to date on all devices and that you have recently ran a virus checker to scan and clean files.
Firewall – Make sure that your firewall is turned on, on all devices.
Windows Updates – Check that windows updates are running on all PC’s. These carry important updates to regularly defend against new cyber violations.
Don’t open suspecting emails – Delete emails where you do not recognise the sender and do not click on any links, as tempting as they maybe. Get a second opinion from a colleague or your IT service provider if you are not sure.
Never give bank details or send money – Banks and HM Revenue will never ask for your bank details. Use regular independent sources via their main websites to make contact (not the details given in the suspected email) or speak to your accountant for a second opinion.

Thinking of protecting your West Midlands business with insurance against well-known cybercrimes? Our cyber security policies review how you manage customer information as a commercial business and what security steps to take when protecting digital equipment. Please contact JRW Risk Solutions for further information in relation to cyber security liability cover for your company.

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