Businesses urged to review their cyber insurance after record level of attacks

Following reports that cyber-attacks on UK businesses have hit an all-time high of one every 50 seconds, Jelf, leading advisors on insurance and risk management, has urged businesses to review their cyber insurance and ensure they have the correct cover in place. 

Linsey Scott, Regional Development Director at Jelf in Scotland, said: “It has been reported that cyber-attacks on UK businesses have now reached a record high, with one occurring every 50 seconds in the second quarter of 2019, according to a leading ISP. These figures are extremely concerning and highlight the considerable risks posed to business by the growth of cybercrime. 

“Businesses across all sectors and sizes from SME to blue chip are vulnerable to hackers but unfortunately a general awareness of cyber risks has not necessarily translated into the adoption of adequate protections. Too many firms focus solely on prevention and do not have safeguards in place to deal with the significant financial and reputational damage that may occur from a successful attack. 

 “We would strongly urge businesses who have cyber insurance to review their policies alongside their risk management provisions to ensure they have adequate cover in place and those who don’t should contact their advisors for further information as soon as possible.    

“Being educated on the type of protection most suitable for your business and working with professionals that can help identify areas of vulnerability goes a long way to ensure the right safeguards are in place.”

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