What is Cybercrime and why do you need specialised insurance?

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In 2017, there were 4.5 million incidents of fraud and computer misuse across England and Wales. Only 47 of those ended in prosecution.

As experts in Cybercrime insurance, we can help you recover if your business is targeted by attackers. Email our team today for more information on the cover we can provide, and read the rest of this blog for more information.

Although cybercrime is on the decline, the threat is as real as ever. Criminals become more and more sophisticated in the way they attack technology. At present we’re only managing to catch up, with anti-virus software and greater awareness.

The unfortunate truth is that as the statistics suggest, you will probably be a victim of cybercrime at some point in your career. In fact, in the UK, you’re more likely to fall victim to cybercrime than any other type of crime.

In 2017 (the latest complete statistics available), cybercrime affected 17 million people. And the criminals profited £130 billion.

What is cybercrime?

Different types of cybercrime include:

But cybercrime doesn’t have to be remote. There is also social engineering, where criminals enter your building unchecked so that they can access your system. They target businesses that don’t require ID tags and where they’re unlikely to be stopped and questioned.

The goal for most cybercriminals is financial gain; either from pilfering money or by ransoming stolen information and data.

How can you protect yourself and your business?

Unfortunately cybercrime is cat and mouse as the criminals find a new way of accessing data before we work out ways of stopping them. It’s very difficult to completely prevent it.

But there are steps you can take to limit the chances.

From a business level, the implementation of proper anti-virus and security software is vital. You should have email-vetting technology in place as well as backups on all important systems.

All staff should receive regular training on spotting the signs of suspicious behaviour.

At Romero’s, our IT department ensure that all staff know what phishing emails look like. And when to not divulge personal information.

What to do if you suspect you’re a victim?

The first step to take is to report any breach to the police. The NCA (National Crime Agency) have a specialist department dealing with cybercrime.

After alerting the police, it’s important that you speak to qualified cybercrime investigators. The criminals may have breached a level of your security, but you might have a chance of stopping them getting any deeper into your system.

You must contact your insurance broker as soon as possible. An established and reputable broker like Romero’s will guide you based on their experience and expertise. They will give you the next steps to take to remain compliant with your policy and have the best chance of getting the money back.

Why is cybercrime insurance so important?

The disappointing truth about cybercrime is that not only is it difficult to prevent, it’s even trickier to recover from. Once an attack has occurred, the damage is done.

Cybercrime insurance will help you get back on your feet after an attack.

Romero’s are experts in cybercrime insurance and we have a proven track record of helping businesses recover from attacks. If you’d like a confidential conversation about protecting your company, contact us today using the ‘contact us’ option at the top of this page.

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