Businesses are under increasing pressure to take cyber security seriously. In recent months major UK retailers including well respected household names such as Marks & Spencer and Harrods have been hit by sophisticated cyber attacks. Systems were shut down, online services crippled, customer data compromised with financial fallout running into tens of millions. These high profile attacks serve as a reminder that cyber security isn’t just an IT issue, it’s a business critical risk.
Cyber security isn’t just an IT issue – it’s a business critical risk
A single cyber incident can bring operations to a halt, damage customer trust and cost millions in recovery – and it’s not just large organisations at risk. Cyber crime has become more sophisticated, accessible and profitable than ever and small and mid-sized businesses are increasingly being targeted too. Whether it’s ransomware, phishing scams or data theft, attackers are constantly adapting their methods and businesses of all sizes are being left exposed.
In the past cyber security might have been considered an IT problem. Today it’s a board-level priority.
According to recent reports, over 40% of UK businesses experienced a cyber attack in the last 12 months. The average cost of a data breach for SMEs in the UK is now estimated at £25,000+.
These aren’t just statistics – they represent lost contracts, damaged reputations and in some cases businesses that never recover.
Ignoring cyber security risks can have serious consequences including:
Financial Losses
From system downtime to regulatory fines under GDPR, the cost of a cyber attack goes far beyond initial recovery. Businesses may also face legal and compensation claims, along with ransom demands.
Data Breaches
Sensitive customer, employee or financial data can be exposed or sold on the dark web leading to identity theft, fraud and long-term brand trust issues.
Reputational Damage
Trust takes years to build and seconds to lose. A poorly handled cyber incident can deter customers, investors and partners.
Regulatory Consequences
Businesses that fail to adequately protect personal data may face enforcement action from the Information Commissioner’s Office (ICO), including fines and reputational repercussions.
How can businesses protect themselves?
There’s no guarantee but a layered, proactive approach to cyber resilience makes a significant difference.
1.Cyber Awareness Training
Human error remains the number one cause of breaches. Ensure your team can recognise phishing emails, suspicious links and social engineering attempts. Your employees are your first and most targeted line of defence.
2.Multi-Factor Authentication (MFA)
Enforce MFA across all business accounts and systems to prevent unauthorised access, even if login credentials are compromised.
3.Regular Software Updates
Keep operating systems, applications and antivirus tools up to date. Unpatched software is one of the easiest ways in for cyber criminals.
4.Secure Remote Working
Make sure employees use VPNs, encrypted devices and follow strict access control measures, especially when connecting via public Wi-Fi.
5.Backups and Recovery Plans
Keep three copies of your data, stored on two different types of media, with one stored off-site or in the cloud. It’s also important to test your backups regularly.
6.Cyber Insurance
Even with best practices in place, no system is bulletproof. That’s where cyber insurance becomes a critical safety net. Contact us to discuss the cover that best suits the needs of your business.
Cyber Insurance
At a time when threats are escalating and attacks are becoming more targeted, cyber insurance is no longer optional, it’s part of responsible risk management.
Cyber insurance is designed to help businesses recover quickly and limit financial damage after an attack. A robust policy can cover:
- Data restoration
- Business interruption losses
- Ransom payments
- Legal costs and regulatory fines
- PR and reputation management
- Third-party supply chain and liability claims
Discover how we can help you stay protected in a digital world
Cyber security isn’t just about protecting systems, it’s about protecting your business as a whole. At Alexander Swan we’ve helped many businesses from window cleaners to public houses along with sports clubs and ice cream van owners to get this right level of insurance cover for their individual needs.
If you haven’t already got cyber insurance cover in place and are concerned about your business’s digital risk exposure or simply want peace of mind, speak to one of our experienced team today. We’ll help you assess your current exposure and find the right cover to match your needs.