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Cyber risks on the rise as businesses reopen

Cyber Risks on the Rise as Businesses Reopen

It has been highly publicised that Cybercriminals are exploiting the uncertainty that COVID-19 has brought, to their advantage.

We first identified this back on 9th March with our risk alert on Coronavirus scams

Since then, we’ve seen further threats as more and more businesses had their employees working from home, which led to us issuing advice on how to reduce the risk of a cyber or data attack in our Cybercriminals exploiting Coronavirus article

Despite this increased awareness, and businesses working hard to reduce the risk of it happening to them, we are still seeing regular and high-profile reports of cyber-attacks, some with devastating consequences.

Taking advantage of new technology

 Despite the recent revelation that the Government’s NHS track and trace app is being replaced by a new contact tracing app in conjunction with Google and Apple, in the short time it was operational, cybercriminals were quick off the mark to take advantage.

 As the service was anonymous, in that you were not told who had given your details and the fact there was a lot of confusion around how it would work, it was an easy target for fraudsters.

 Soon after the service launched, thousands of fake “health service” texts were sent to individuals containing phishing links. These links asked for people’s personal details and in some cases payment details to then be used fraudulently.

 By the beginning of June, Action Fraud had already received over 11,000 reports of coronavirus-related phishing emails, with £4.69 million claimed already from over 2,000 victims.

 This is just one of many coronavirus-related scams. Action Fraud continue to warn the public about the need to be vigilant with examples of yet more attacks with devastating results. More can be found on the Action Fraud website

No business (or country) is safe

On Friday 19 June, Australia’s Prime Minister Scott Morrison announced that their Government were being targeted by an ongoing, sophisticated state-based cyber hack.

While specific cases weren’t named, he did reveal that it had spanned Government industry, political organisations, education, health, essential service providers and operators of other critical infrastructure.

The ever-growing risk of cyber attacks

These two examples are truly worrying, not only because of the devastation they have and will cause, but also because it sends a clear message that no-one, and no business is safe from the threat of cyber-attacks.

As a specialist broker, talking regularly to our clients about the market, emerging risks and areas of underinsurance, we often hear “it won’t happen to us” in relation to cybercrime.

Recent activity has shown us that this sentiment is being proved wrong time and time again, for individuals and businesses of all sizes.

It is therefore so important to understand the risk you face and how you can protect against it, should the worst happen.

We have created a test that takes less than 3 minutes to complete to help you understand your exposure

For more advice on how to avoid a cyber attack, see our latest guidance.


Other insurance available from Towergate

For more information or for a full review of your insurance needs, please see our insurance specialisms, contact your usual Towergate Insurance Brokers adviser or email TIB@towergate.co.uk.

 

The information contained in this bulletin is based on sources that we believe are reliable and should be understood as general risk management and insurance information only. It is not intended to be taken as advice with respect to any specific or individual situation and cannot be relied upon as such. If you wish to discuss your specific requirements, please do not hesitate to contact your usual Towergate Insurance Brokers adviser.