Why Cyber Insurers Will Play An Important Role In National Cybersecurity

How Cyber Insurers Can Help Protect National Cybersecurity

As technology continues to evolve, cyber insurers can play an important role in protecting UK’s national cyber security.

The UK cyber insurance market is becoming more competitive, which is driving down prices and making it easier for UK businesses to obtain coverage.

This is good news for businesses, as it means that they are now more likely to be able to afford cyber insurance.

Cyber Insurers Can Help To Protect National Cyber Security In A Number Of Ways.

First, they can provide financial assistance to businesses that have been victims of cyber attacks. This can help businesses to recover from the financial losses associated with a cyber attack.

Second, cyber insurers can educate businesses and employees about cyber security risks. This can help to raise awareness of cyber security risks and empower people to take steps to protect themselves.

Third, cyber insurers can develop new cyber security technologies and Managed IT Services. This can help to keep businesses and individuals safe from cyber threats.

By working together, cyber insurers, cyber security managed services providers, businesses, and employees can help to create a more secure cyber environment for everyone.

So, what can you do as a business owner to contribute to the reported positive cyber security changes we are seeing in 2023?

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What Existing Cyber Security Defences Does Your Business Already Have In Place?

The most important lesson taken from 2022, is that cyber risk is manageable.

A majority of the incidents we observed as a cyber security managed services provider could have been prevented with the right security controls and an active approach to cyber security.

Here are some of the most common cyber security defences that businesses need to have in place:

  • Firewalls
  • Antivirus software
  • Intrusion detection systems (IDS)
  • Intrusion prevention systems (IPS)
  • Data encryption
  • Strong passwords
  • Employee training

These security controls can help to protect businesses from a variety of cyber threats, including malware, phishing attacks, and data breaches.

It is important to have a layered approach to cyber security and to regularly review and update your security controls to stay ahead of the latest threats.

In addition, it is also important to have a strong security culture within your organization.

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Why Attackers Target Unresolved Critical IT Vulnerabilities & What you should do to Secure your Business

If your business is failing to patch vulnerable software or your business is using outdated technology, your putting your business at great risk.

Attackers target unresolved critical IT vulnerabilities because they are easy to exploit and can lead to significant damage.

These vulnerabilities can be found in software, hardware, and even human behaviour.

Once an attacker finds a vulnerability, they can use it to gain access to a system or network.

The most important lesson a business owners can learn from this mistake is we must carry out the following to prevent problems further down the line :

  • Keep software up to date
  • Educating employees about cyber security.
  • Implementing security controls.
  • Dispose of Outdated Technology.

Outdated technology is more vulnerable to cyberattacks that’s a fact. 

By getting rid of outdated technology, businesses can improve their security, efficiency, and compatibility. This can lead to increased productivity, reduced costs, and a better reputation.

Here are some tips for getting rid of outdated technology:

  • Identify your outdated business technology. The first step is to identify the outdated technology that you have in your business. This can be done by conducting an inventory of all of your technology assets.
  • Determine the cost of replacing all your outdated technology. Once you have identified the outdated technology, you need to determine the cost of replacing it. This will help you to prioritize the replacement of the technology.
  • Create a plan for replacing your outdated technology. Once you have determined the cost of replacing the outdated technology, you need to create a plan for replacing it. This plan should include a timeline for the replacement and a budget.
  • Implement the plan for replacing the outdated technology. Once you have created a plan you need to implement it. This may involve purchasing new technology, disposing of the old technology appropriately, and training employees on the new technology.
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Why End-of-Life Software is a Huge Cyber Security Risk

End-of-life (EOL) software is no longer supported or updated, making it highly vulnerable to cyber attacks.

Cyber Criminals are constantly looking for ways to exploit vulnerabilities in software, and EOL software is a prime target.

Using EOL software signals to cyber criminals that a company may have weak security controls or unprotected infrastructure, which creates a significant risk for the company.

Here are some of the risks associated with using EOL software:

  • Data breaches: Cyber criminals can gain access to sensitive data, such as customer information, financial data, or intellectual property.
  • Disruption of operations: Cyber criminals can disrupt operations by taking down websites, disabling systems, or stealing data.
  • Financial losses: Cyber criminals can steal money or cause other financial losses, such as the cost of remediation or lost revenue.
  • Damage to reputation: A data breach or other cyber-attack can damage a company’s reputation and make it difficult to attract customers or investors.

To mitigate these risks, it is important to replace EOL software with up-to-date software that is still supported.

It is important to regularly audit your software assets to identify outdated software and replace it with up-to-date versions.

Outdated software may have known vulnerabilities that can be exploited by attackers.

By replacing outdated software, you can help to protect your business from cyberattacks.

Here are some examples of well known End of Life Software:

  • Adobe Flash
  • Microsoft Windows XP
  • Microsoft Office 2003
  • Microsoft IIS versions 6, 7, 7.5 (support for 8, 8.5 ending in 2023)

If you need help and your business is reliant upon any of the above, you need to act now.

Here are some of the services that Speedster IT’s cybersecurity specialists offer:

  • Identify Outdated Software & Outdated Technology: We can help you identify outdated software and technology in your business. They will conduct an inventory of your assets and assess the age and condition of each asset.
  • Assess The Risks Associated With Using Outdated Software & IT Kit: We can help you assess the risks. They will identify the vulnerabilities and assess the likelihood that they will be exploited by threat actors.
  • Develop A Plan For Replacing Outdated Software & Technology: We can help you develop a plan for replacing outdated software. They will work with you to identify the best replacement software and develop a timeline and budget for the replacement.

We have the expertise and experience to help you protect your business from cyberattacks.

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How Phishing is the Top Vulnerability for Businesses in 2023

Phishing attacks are one of the most common types of cyber attacks, and they are also one of the most successful.

  • In 2022, phishing attacks accounted for 23% of all cyber attacks in the UK.
  • In 2022, the average cost of a phishing attack in the UK was £2,300.
  • 66% of businesses in the UK have been affected by a phishing attack in the past year.
  • 44% of businesses in the UK have lost data as a result of a phishing attack.

Phishing attacks are a serious threat to businesses in the UK.

Businesses can help mitigate the risks by taking steps to educate employees, use strong passwords and two-factor authentication, and keep software up to date, by following these simple rules businesses and employees can help to protect themselves from these attacks.

What is FTF in Businesses Cyber Crime and Why its Gaining Momentum in 2023

Funds transfer fraud (FTF) is a type of cybercrime that allows threat actors to steal money from businesses in the UK.

The average FTF loss amount in the UK in 2022 was £1500.  This is an increase of 10% from the previous year. The increase in FTF losses is likely due to a number of factors, including the rise of new technologies, such as social engineering and phishing, and the increasing sophistication of cyber criminals.

FTF remains a significant threat to businesses in the UK, and businesses should take steps to protect themselves from this type of fraud.

Here are some tips on how to combat funds transfer fraud

  • Use multi-factor authentication (MFA) for all online accounts, especially banking and email. MFA adds an extra layer of security by requiring you to enter a code from your phone in addition to your password.
  • Establish a procedure for requests to change payment information. This procedure should include verifying the authenticity of the request by calling a known phone number (not the number in an email).
  • Require two-party review and approval for all funds transfers. This means that two people must approve each funds transfer before it can be processed.
  • Never confirm new or payment change requests via email. Instead, call the company directly to verify the request.

By following these tips, you can help to protect your business from funds transfer fraud.

What a Business Should Do If They Expect funds transfer fraud (FTF) Has Occurred

When a funds transfer fraud (FTF) event occurs, cyber insurance providers work with policyholders to try to recover the funds.

Fraudulent activity is usually detected when vendors inquire about missed payments or organizations notice unusual mailbox rules.

The first 72 hours are critical in successfully stopping payments or reversing transfers, and cyber insurance providers work with contacts in the police and financial services to try to recover the funds.

Here are the steps that cyber insurance providers take to help policyholders recover funds lost to FTF:

  1. Assess the situation: The cyber insurance provider will assess the situation to determine the extent of the fraud and the likelihood of recovering the funds.
  2. Notify The Police: The cyber insurance provider will notify police so that they can investigate the fraud.
  3. Work with financial institutions: The cyber insurance provider will work with financial institutions to try to stop the fraudulent payments and reverse the transfers.
  4. Provide financial assistance: The cyber insurance provider may provide financial assistance to the policyholder to help them cover the costs of the fraud.

By working with policyholders to recover funds lost to FTF, cyber insurance providers can help to mitigate the financial impact of this type of fraud.

If you are concerned about the rise in funds transfer fraud (FTF), and the impact it could have on your business, we suggest you consider cyber insurance as a business operation necessity.

Cyber insurance can help to protect your business from the financial impact of FTF, and can provide you with the resources you need to recover from a fraud event.

Here are some of the benefits of cyber insurance:

  • Financial protection: Cyber insurance can help to cover the costs of a fraud event, such as the cost of stolen funds, the cost of investigation, and the cost of reputational damage.
  • Access to resources: Cyber insurance can provide you with access to resources that can help you recover from a fraud event, such as legal assistance, forensic experts, and public relations experts.
  • Peace of mind: Cyber insurance can give you peace of mind knowing that you are protected from the financial impact of FTF.

If however your business is not covered by Cyber Insurance, these are the steps you should take.

  • Notify your bank or financial institution. The bank or financial institution will be able to investigate the fraudulent transaction and take steps to protect the business’s accounts.
  • Notify The police. The police will be able to investigate the crime.
  • Notify the Information Commissioner’s Office (ICO). The ICO is the UK’s data protection regulator. They can be contacted if the FTF has resulted in a data breach.

The Future of Cyber Insurance and National Cybersecurity – 2023 Predictions

Cyber risk will not disappear in 2023 and is a growing threat to businesses of all sizes.

In 2023, we can expect to see more frequent and sophisticated cyber-attacks.

  • Unresolved IT vulnerabilities will lead to more frequent cyber-attacks on UK businesses
  • End-of-life (EOL) software has made organizations an easier target
  • Active Cyber Insurance will continued to help protect organizations of all sizes
  • Ransomware will return in 2023
  • FTF will remain an easy, and frequent, cyber crime
  • Phishing attacks will become more personalized and persuasive

Active Insurance is one of many solutions to changing cyber risk conditions. Our aim is to help protect UK businesses and educate the unprotected businesses in the UK.

We share these cyber insights to help and advice on the new and emerging risks and empower businesses to prioritize their cybersecurity posture.

Speedster IT is a cyber security company that can help you protect your business from cyber threats.

We have a team of experts who can assess your risk and recommend a solution that meets your needs.

We also offer a variety of add-on services that can help you protect your business from cyber threats, such as

  • Cyber Security Assessment: We can assess your business’s cyber security posture and identify any vulnerabilities. This will help you to prioritize your security efforts and make informed decisions about how to improve your security.
  • Cyber Security Training: We can provide training to your employees on how to identify and avoid cyber threats. This will help to raise awareness of cyber security risks and empower your employees to protect your business.
  • Cyber Security Managed Services: We can provide a range of managed security services to help you protect your business from cyber threats. These services can include things like:
    • 24/7 monitoring of your network for signs of attack
    • Patch management to keep your software up to date
    • Incident response to help you recover from a cyber attack

If you are interested in learning more about how Speedster IT can help you protect your business from cyber threats, please contact us today.

We would be happy to answer any questions you have, and help you find the right solution for your business needs.

Contact us to Schedule your Free Consultation!