Shropshire businesses had the chance to learn more about the very real risks of cyber crime at an event organised by insurance experts from a local firm.
The team from Henshalls held a cyber awareness seminar at their Shrewsbury office where guests heard from industry specialists about the risks they are likely to face, and the precautions they should be taking.
Dave Williams, from Henshalls, said: “Two thirds of UK businesses are not insured against cyber breaches which is a horrifying statistic when you consider the impact such an incident can have.
“It’s not just about the financial impact of data loss, but the amount of down time you’ll face while your systems are repaired – how would your business operate in such difficult circumstances?
“Surveys have shown that just a handful of businesses in the UK say their company insurance covers them only for information security breaches, and 11% are covered only for data loss. But the fact that nearly half of those surveyed (45%) don’t know if their company insurance covers either of those issues is an even greater concern.”
Mr Williams said Henshalls joined forces with the Barclays Bank Digital Eagles team and experts from Safeonline in London to deliver the seminar to representatives from SMEs from across the county.
“We deliberately kept the number of guests down so that everyone who attended had the chance to really get involved in the interactive session and so that there were plenty of opportunities to ask questions.
“Every business faces cyber risks but no two businesses face exactly the same circumstances, and it’s vital that business owners are aware of how their company could be affected.”
Mr Williams said the estimated annual global cost of cyber crime had increased to almost £3 billion and yet many companies were still oblivious to the need to find the most appropriate insurance cover to protect their business.
“You would have thought that more organisations would be rushing to sign up for cover, and with more than 70 insurers now offering cyber policies, there really is no excuse to ignore the situation.
“We hope by delivering seminars like this, we can help raise awareness of the risks with businesses across Shropshire and so help them to stay safe online.”