Aon Poll Shows Eight in Ten SMEs Blind to Risk of a Cyber Attack and Data Loss - Seite 2

The poll of 1000 SMEs carried out through OnePoll indicates around one in four of SMEs allow staff to use their own devices for work. "What's more, it revealed one in three don't see personal information stolen as a result of cyber attack or fraud as a data breach, with the same number admitting they're unaware of the time limit on reporting such a loss, exposing their companies to the risk of huge fines," says Mallett.

"I don't think companies realise how awful the impact of a breach can be or the amount that actually has to be done," says Dr Philpott. "It involves everything from mandatory reporting to keeping affected customers or clients informed. It can leave those clients fearful and cause reputational damage. It's not just about replacing laptops or paying a fine."

While many companies have professional indemnity insurance (PII) in place, there are often significant costs that professional indemnity won't pick up, adds Aon's Chris Mallett, who points to the poll results showing general confusion about the likely financial impact of a cyber attack (more than four out of ten admitted they had no idea).

"Around one in seven believe the costs are covered by their PII and more than three in ten choose not to insure against cyber attacks or fraud," says Chris Mallett.

"Although fines are expected to be issued as a last resort, they can be up to €20 million or 4 per cent of annual turnover," explains Mallett. "The risk presented by non-compliance with GDPR has the potential to bring a small business to its knees."  

Mallett says companies are surprised by how affordable cyber insurance is. "Specialist policies not only cover for the cost of responding to a breach, but also the costs of damages you're legally liable to pay in the event of a breach or security failure, as well as associated legal costs."

Protection to put in place now 

There are easy ways to take action, says Aon's Chris Mallett 

• Install anti-virus software or check existing software is up to date on all employees' computers and laptops. It is one of the simplest ways to prevent employees downloading potentially harmful malware that could lead to a data breach. And ask your IT team to check firewall settings.
• Have clear policies in place to create a cyber-conscious culture in the workplace (everything from password rules and backing up work to use of WhatsApp groups and what data employees can keep on their computers).
• Check on what your PII or business insurance covers and consider cyber  insurance. This can cover the cost of responding to a breach, as well as damages, and also give you access to specialist support ensuring the breach will be dealt with in line with GDPR requirements. Make sure any cyber insurance comes with a pre-approved panel of providers who are immediately available in the event of a breach.

For more information about the Aon cyber security survey 2018 survey please click here.

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