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According to a PriceWaterhouseCoopers survey sponsored by the Department for Business Innovation and Skills, becoming a victim of a hack or breach costs smaller firms with fewer than 250 employees between £65,000 and £115,000. Justin Gould, director at specialist chartered broker Clear Insurance, explains how vending operators can safeguard their business from a cyber attack.
So are vending operators and those involved in the vending industry underestimating the threat cybercrime poses to their profitability and corporate reputation? Sadly I think the answer is yes, and the problem is here to stay. With all the other pressures of running a business, many vending operators just don’t have the time to address this real and present danger.
“W r. Faced with this growing threat, vending operators can help
themselves by adopting some appropriate preventative measures. As with most insurance issues, prevention is better than cure. Operators need more help and a greater understanding of how online security and fraud issues can have an affect on their livelihood. This is particularly important for those operators who provide contactless vending machines. There’s no doubt that the number of breaches and media attention around them is helping to change the way all businesses view cyber security.
Many cyber attacks take place because most businesses use the latest technologies, such as mobile devices, tablets and laptops, and many firms are not taking the proper precautions to ensure the information stored on them is protected. There are plenty of steps vending operators could be taking to improve security, including measures such as anti-virus software, firewalls an d the encryption of sensitive data. Many operators also run antiquated operating systems, which are often more vulnerable to cyber attacks. One of the most obvious concerns for all small firms is towards data hacks from inside the business. It isn’t unusual for criminals to find positions within a business in order to gain access to client financial informati on or for former employees to have knowledge of
orryingly, the findings suggest that some small businesses could suffer up to six breaches a ye
r.ar. Such losses for any small business could be the difference between staying solvent or going out of business all together.
r.
systems, so different multi-faceted solutions need to be found. The insurance industry has risen to the challenge of cyber crime by offering a range of policies that mainly covers data breaches, with extensions often available for the consequences of hacks that cause physical damage or production delays. Increasingly, businesses are buying specialised cyber risk policies to supplement their existing insurance cov
r.er. Comprehensive cyber cri covers financial loss, the cost of restoring reputation and liability for third party clai
Policies usually include assistance with and sometimes management of the incident itself, which can be essential when faced with reputational damage or regulatory enforcement.
So help is at hand from the insurance industry to help vending operators combat the cyber threat to profitability, cash flow and reputation. Improved knowledge and understanding of the threat posed by cybercrime will go a long way when it comes to keeping your business safe online.”
BROKER TOP TIPS TO COMBAT CYBER CRIME
chan • Intro inclu • Ensu
re your business has proper internet security in place, ding firewalls, anti-virus and anti-spam
duce a password policy where you and your employees ge your passwords every six months
• Make sure your staff are trained on company security procedures
• Implement regular security risk assessments to identify important information and systems
• Test back up plans and business continuity procedures
ms following data breaches. loss to business income or me insurance normally
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