As a business, you are responsible for your own cyber security, but in the event of a cyber attack, having the right insurance in place means you won’t be alone.
At Stanmore Insurance, our team will source policies that fit your startup businesses needs, including protecting your income, customers and reputation in the event of a cyber attack.
Do small businesses need cyber insurance?
Yes, even if you are a small business, you should still be investing in cyber insurance.
Small businesses are often easy targets for cyber attackers since they don’t have the same level of security as larger, more established businesses. This is why it is essential smaller businesses have the right cyber insurance in place from the get-go.
Should startups be concerned about cyber security?
Every size business, including startups, should be concerned about cyber security. This is due to the increase in cyber attacks and the serious consequences they can have on your business.
The complexity of cyber attacks continue to grow, making cyber security an essential component for any startup. Although cyber security may not be the first thing on your checklist during the infancy of your business, it is essential for ensuring your business’s valuable data is protected against cyber criminals.
Cyber risks to startups
Startups in the UK have a unique set of challenges when it comes to cyber security, which is shaped rapidly by technological advancements and specific regulatory environments.
Malicious software
Malicious software or malware gives hackers access to confidential and sensitive information, like bank and credit card details and passwords. It can also take over a user’s computer via remote access.
Data disruption, reputational damage and compromised computer functions are just a few of the consequences that can arise from a malware attack.
Ransomware attacks
Ransomware is a type of malware that encrypts your data or computer until you pay a ransom. It blocks you from accessing your data by locking or encrypting it and it can cause your devices to cease operating.
Phishing
Cyber attackers frequently use fake emails, social media, phone calls or text messages to defraud your business. Phishing involves a perpetrator pretending to be a different person or organisation you know or believe you should trust.
Identity based attacks
Identity based attacks can be extremely hard to detect since it involves a valid user’s credentials being compromised. It is very often difficult to differentiate between the user’s typical behaviour and that of the hacker.
AI attacks
As AI technology improves rapidly, the number of cyber attacks using AI has also increased. Just as cyber security professionals are using AI to protect their online environments, attackers are also using these tools to access networks and steal sensitive information.
Cyber insurance for startups
At Stanmore Insurance, we know how important it is for startup businesses to have the right level of cover in order. Regardless of what sector your business is in, your startup could be at risk of attacks by cybercriminals.
Our cyber insurance helps protect your business against the costs that are associated with online crime and can help you to not only protect your business, but mitigate financial losses and repair reputational damage.
If you have recently started your own business, get in touch with our expert team today to see how we can help.
