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Introduction to Cyber Crime

Introduction to Cyber Crime

Cybercrime and the risks to business associated with it are becoming more widespread, it is more important than ever for business to be risk aware in this area and to take measures to mitigate and manage this risk to prevent losses from causing disruption to their operation.

Ask anyone involved in fighting cyber crime on a daily basis about what businesses should know, and the first thing they will say is that no organisation is immune.

What is Cyber Crime?

  • An Umbrella term for different the various types of online crimes

  • Criminal activity that targets a computer or networked device

  • Most of the time, the aim for criminals is to make money

  • Cyber crime is a global issue and problem, making it difficult to combat, as technology can easily make the Perpetrator on the other side of the world to the Victim

  • Any business can be affected no matter what size your business is

 

Who could be affected by an attack?

  • Who is using a Computer, mobile device or tablet etc to enable or transact personal or commercial business

  • Anyone who relies on computers in the running of their business

  • A business that holds data, whether that be customer or employees

 

Main Types of Cybercrime

  • Ransomware attacks (demanding money to prevent a threatened attack)

  • Email and internet fraud

  • Cryptojacking (scheme to take control of people’s devices, servers etc)

  • Theft of financial or card payment data.

  • Malware attacks

 

You may have heard in the news when the NHS was bought to a standstill for several days due to a global cyber attack (known as Wannacry) which saw thousands of appointments and operations cancelled and in turn, an estimated £92m loss.

Sadly, companies are reading these headlines but aren’t protecting their own businesses.

How can this effect my business?

  • Reputational Damage – Could lose future contracts/clients as a result

  • Lost Revenue – Can lose money to hackers

  • Stolen Intellectual Property – your designs, strategies and technologies are vulnerable

 

Conclusion:

Cyber Crime is becoming more and more common with 6% of companies paying a ransom in 2019 creating £269m in losses*.

Protect your business and talk to one of our Cyber Insurance advisors today.

*Source Hiscox Insurance