In this article, Shaun Joubert from NFU Mutual Flimwell & Tunbridge Wells reflects on the effects of the evolving landscape of cyber-crime on businesses, and explores how to keep your business safe.
Cyber risk in the news
Cybercrime is becoming more common and major retail groups including Co-op, Marks and Spencer and Harrods have all been amongst it’s recent victims. A survey of 600 businesses, conducted by NFU Mutual, found that 18% of retailers questioned, had fallen victim to cybercrime in the last 12 months.
Cyber-attacks don’t just happen to large businesses; retailers of all sizes are at risk.
Having seen the effects on businesses recently, organisations are critically reviewing their approaches to cyber risk, to ensure they have protection in place to defend against the threat.
Cyber risk and retail businesses
Cyber risk affects every business, but it’s becoming a major concern for retailers. Modern retail relies heavily on technology – email, websites, inventory systems, and point-of-sale software. These tools make operations efficient, but they also create vulnerabilities.
Retailers handle sensitive data every day, from customer payment details to employee records. This information must be kept secure. Cyber threats can target anything connected to your business:
- Basic tools – like email and online banking.
- Customer-facing platforms – such as websites and ordering systems.
- Operational systems – for stock management and sales.
- Hardware and devices – including servers, digital storage, and even internet-connected CCTV.
For Small and Medium Enterprises (SMEs), a single breach can lead to financial loss, reputational damage, and regulatory penalties.
Steps to reduce the risk of cyber-attacks:
There are steps retailers can take to boost cyber security and reduce the chances of falling victim to cyber-attacks:
- Use Strong Passwords
- Two Step Verification – this is also known as multifactor authentication
- Ensure to keep on top of software updates
- Backup files and data – you should do this weekly
- Training – educate your employees on cybercrime and the risks
- Cyber security software – install additional cyber security software, including firewalls or antivirus software on all company devices, and regularly update these.
- Consider using Virtual Private Network (VPN)
- Physical security – aside from software, remember to securely store and lock away company devices when not in use.
Though it is promising that many businesses are implementing security measures already, robust defences can’t eliminate all risks. Cyber insurance is also a vital tool and complements these measures, providing financial protection and support in the event of an attack.
Cyber insurance at NFU Mutual – defending against
the cyber threat
Cyber cover, arranged by NFU Mutual through our expert partners, is designed to protect businesses of all sizes from the consequences of a variety of digital and cyber threats that modern businesses face.
NFU Mutual Flimwell & Tunbridge Wells can offer:
Support – with expert incident responders available 24/7.
Control – containment and recovery from an incident, reducing downtime.
Protection – minimise the reputational damage and financial impact to your business.
Whether it’s ransomware, hijacking, data breaches or denial of service attacks, our office will take the time to understand your needs and help ensure the cover you have in place is right for you and your business.
For more information about cyber insurance options, please contact our agency office on 01892 337488 or
Tunbridge_wells@nfumutual.co.uk
