Cyber Crime insights - how to protect your business

The Oval Group has produced a series of videos on the threats all businesses that use IT face.  Richard Hodson, Oval Insurance Broking, and Paul Vlissidis of NCC Group discuss the threat, issues and consequences for the business of cyber crime.

In the first of the video series "Demystifying Cyber" Richard and Paul help you understand the threats to your business through the use of IT and what are the causes and consequences of IT failure. 

Use the Playlist feature in the player above to select each video or let the series auto play 

Video Two:  Is my business exposed to attack?

Paul describes how no business is immune and actually it is the threat from within that most businesses fail to recognise. Focusing on SME business Richard and Paul discuss some more specific consequences that IT failure or cyber attack can have.

Video Three:  Outsourced IT does not mean you are free from risk!

Where technology is not the core function of most businesses turning to an outsource service provider and the cloud is often a cost effective way of running your systems. However, despite the cost benefits of outsourcing your IT, you are not removing the potential impact to your business that cyber and IT failure can have. Paul warns how the service credits you may receive as a result of failure at your provider's location will pale into insignificance compared to the costs to your business.

Video Four:  How do I know if my business has been hacked?

The head of Mi5 has stated that there are two types of businesses, those that have been hacked and those that will be. Paul Vlissidis, Group Technical Director of NCC Group, discusses the third type, how most business have actually suffered some form of security breach and do not know about it, which often explains an organisations lack of competitive edge.

Video Five:  What to do if you discover you have been hacked.

Richard suggests the inevitable has happened and your systems have been compromised, what should you do. Paul advocates that proper prior preparation can help reduce the impact on your business and notes that businesses who have tried to fix the problem themselves without the proper training can often make the situation worse. Knowing who you can turn to from IT forensics to legal support cuts down the time it can take you to respond in the appropriate manner.

Video Six: How much could a security breach cost my business?

What costs are associated with a security breach following a cyber incident and what these costs could run to. These are just the costs to identify and rectify an incident and do not take into account the loss of sales a business may suffer in the process.

Video Seven:  Is Cyber Risk a boardroom issue?

Richard comments that many boards or managers believe that the responsibility for IT security lies with the IT department while Paul argues that when you have made a hefty investment in IT preventing a cyber attack should be on all boards risk register. Paul goes on to explain some of the steps boards can take to reduce their risk. Richard finishes by asking Paul if any business can be totally secure.

Video Eight: What is Cyber Insurance for?

Richard Hodson of Oval Insurance Broking summarises the risks facing businesses that use technology in their everyday activities. Paul Vlissidis, Group Technical Director of NCC Group, stated there is no such thing as being 100% secure so what can an organisation do to address these residual risks?

Richard explains that it is that it is not all about credit card information and that cyber losses can be divided up between the out of pocket or first party expenses incurred as well as claims from third parties for loss of their personal information. A well placed cyber insurance policy will cover the gaps in your current insurance programme caused by increased use of technology.

Oval and NCC are Founding Members of the Cyber Risk and Insurance Forum. To find out more click on the links below: