In recent months we have seen a significant increase in the number of cyber-attacks and payment fraud, invoice hijacking, and other social engineering scams are affecting a growing number of UK businesses.
At the sharp end, as brokers we are managing a growing number of Cyber insurance claims and the frequency with which these are being reported is alarming. It is apparent that any business could suffer a loss as many attacks are untargeted and the proliferation of malicious software spreads without agenda.
Below, we look at the common types of cyber-attacks we have seen recently, what to look out for and what you should do in the event of a cyber-attack.
Ransomware and business email compromise are the dominant issues for UK businesses based on what we are seeing, and this is happening to SME and mid-market companies with increasing regularity. Every business is digitally dependent, and we have seen serious attacks on construction, manufacturing, and distribution businesses. Our expert team have therefore put together the attached content to help you remain vigilant for a cyber-attack.
The sophistication of social engineering and payment fraud scams is also alarming with many businesses falling victim with some suffering some very substantial payment losses. Some losses have been because of the supplier's systems being compromised and legitimate orders intercepted and then requests for new/changed payments being requested – referencing the new order.
To understand more about the threats your business could face in the future, request a complementary KYND report. Our specialist team will provide you with understandable insights into the threats your business faces.