Cyber

A successful cyberattack can cause significant damage to your business. Reliance on a variety of IT equipment such as PCs, laptops, cloud-based systems and smart devices means that virtually all businesses are vulnerable and at risk of losing customer data, employee details and commercially confidential information. 

However, it is not just large organisations at risk.  Small firms suffer close to 10,000 cyberattacks daily, according to the Federation of Small Businesses (FSB), with Policy & Advocacy Chairman Martin McTague stating:

“These findings demonstrate the sheer scale of the dangers faced by small firms every day in the digital arena.”

Different Types of Cyberattack

Every business, regardless of size, is a potential target of a cyber security breach. Criminals seek to exploit data such a personal information, trade secrets, financial details, client lists and login credentials. Here are four key cyber threats that your business should be aware of.

Ransomware

Ransomware is a type of malware (malicious software) which attempts to encrypt your data and will only restore access in exchange for a ransom. These types of attacks are usually financially motivated as attackers will often ask for a sum of money. Ransomware attacks can be targeted or un-targeted; criminals may simply target as many devices as possible, or the attacker may have a specific interest in your business or is being paid to target you. Ransomware attacks sometimes occur if a business ‘scandal’ has been leaked and the attacker knows that the business will be motivated to protect the information under ransom. Ransomware attacks are often implemented via links in malicious emails.

Phishing

Phishing attacks occur when criminals attempt to gain sensitive information whilst posing as a trustworthy contact. Attackers could be using an email address disguised as a banking service, online retail service or government contact regarding a tax return. Often these emails contain genuine logos and can be hugely convincing.

Another type of phishing attack, known as ‘spear fishing’ or ‘whaling’ involves posing as the CEO of a business and sending a fabricated email to the chief financial officer requesting an urgent invoice payment. These attacks are also often financially motivated and attempt to trick individuals into providing their financial information.

Hacking

Hacking involves identifying a weakness in the IT systems of a business and using that weakness to gain access to information. Hackers will attempt to access bank information, credit card databases and intellectual property. Some hackers use social engineering to trick employees into revealing usernames and passwords, which would then be used as a gateway into the company’s IT systems and more sensitive data.

Data Leakage

Cybersecurity seems challenging enough within the confines of your business; however, with the smart technology of today, portable storage devices such as phones and tablets extend the risk of cyberattacks to a much wider area. These devices are a prime target for data thieves as they are easy to hack.

Impact of Cyberattacks on Business

Cyberattacks can have two major impacts on a business: cost and reputation.

The economic cost of a cyber attack can result in substantial financial loss to a business, arising from theft of financial information, theft of corporate information or loss of business. Additionally, business often incur costs of software and network repair and device replacement after a cyberattack.

Breaches in the security systems of a business can sustain reputational damage and distrust from clients, especially if personal customer information has been compromised. This can lead to loss of customers and a loss of sales and profits. The impact of cyberattacks can also damage an organisation’s relationship with investors, partners and shareholders.

What You Can Do to Mitigate Your Risk

The financial losses resulting from a cyberattack could permanently affect the stability of your company. However, data breach is not inevitable, and there are several hazards that your business can avoid, making it much more difficult for cybercriminals to access your company’s data.

Improve Personnel Monitoring

Failure to effectively track personnel (both on and offline) can result in unauthorised individuals accessing restricted or high-security areas or data, which in turn can increase the likelihood of cyberattack.

Improve Security for Senior Employees

When personnel with high-authorisation levels are at risk, high-security data is also at risk. Wireless emergency alarm systems are a secure, discreet way for personnel to alert other employees if data is at risk.

Educate Employees

It is imperative that employees are aware of the potential for cyberattacks and are given information on how their actions can increase or diminish this risk. Staff training on how to handle sensitive information and data security education should be an integral part of your organisation’s induction and ongoing training programme. Employees are particularly susceptible to phishing attacks through malicious emails, so staff should be reminded that continuous caution should always be practiced.

At Robison, we offer several types of insurance that could help protect your business in the event of a cyberattack. Our experience in the technology industry means that we can help you to identify the risks specific to your business and help protect your staff, customers and reputation in the case of a cyber security incident. Our Cyber Liability Insurance protects you and your customers against the costs relating to damage to or loss of information from IT systems and networks.

Our Cyber Liability Toolkit is designed to help employers protect their business, information and customers from cyber threats. For more information on how our Cyber Liability insurance can help protect your business, call us on 01730 265 500 or email us at hello@robison.co.uk .

Robison is an experienced business and personal insurance broker based in Petersfield, providing insurance services and advice for businesses and individuals in Hampshire and the surrounding areas. Our highly trained staff are dedicated to offering support and guidance, tailoring our policies to suit your needs.

The manufacture of beer is a volatile industry, with both micro- and larger breweries facing significant risks which are specific to the production, storage and transportation of craft beer. All breweries should have general business insurance policies such as public liability insurance to cover the cost of legal action if a third party is injured on your premises, but specific protection for equipment and goods is also required to ensure adequate risk management.  These more specialist policies are typically best procured from an insurance provider with experience in the brewing industry to ensure that they meet your exact needs.

Storage of Ingredients

When brewing beer, the quality of the ingredients that are used are paramount to creating a popular and profitable product. When storing ingredients, breweries face a variety of risks which can spoil the ingredients, including sudden increases/decreases in temperature and contamination of yeast cultures. The resultant income loss of spoiled stock can be devastating to a growing business, so it’s better to be safe than sorry.

Manufacturing

During the manufacturing process, breweries should warrant that their equipment is insured in case of damage. Brewing machinery is expensive, and it could take months for replacement equipment to arrive; how much lost revenue would you suffer if your equipment broke down? Equipment breakdown coverage covers the cost of repairs to the machines that your business depends upon and reimburses you for business interruption costs.

Manufacturing warehouses also carry increased health and safety risks, and it is imperative that your staff are fully trained, and you are insured against claims made against you regarding accidents in the workplace.

Storage of Product

Due to the delicate nature of craft beer, some product may be stored in refrigeration facilities at a controlled temperature. If your brewery stores your beer at a third-party facility, you aren’t in control of how the product is treated and stored, and so may wish to consider specialist cover for casks and kegs stored anywhere in the UK to protect yourself from loss of income due to damaged product.

Expanding your Business

To expand your business, you may want to invite the public into your brewery for tours. These events can help to put your brewery on the map and create an extra source of income by bringing tourism to your local area. However, these events carry inherent risk, including injury or property damage as a result of over-consumption, which won’t be covered by more generic insurance policies.

Expanding your business and showcasing your products at festivals and exhibitions is another great way to introduce your business to a new audience. However, transporting and storing your goods at festivals and exhibitions can increase the risk of loss of stock. Insuring your stock at festivals and events can cover the cost of cancellation and replacement stock as well as damaged equipment, while employer’s liability insurance will cover the staff manning the festival or event stand. 

Why Choose Robison?

Without tailored insurance policies, breweries are at risk of covering costs such as shipping recalled product back to the brewery, destruction of contaminated products, replacement equipment and replacement products for goods damaged during transit.

Robison is an experienced business and personal insurance broker based in Petersfield, specialising in sourcing specialist insurance cover for breweries and distilleries throughout the South. Our highly trained staff are on hand to offer support and guidance for your brewery, benefiting from a wealth of experience working with businesses in the brewing industry. Whether you are looking for public and product liability insurance or cover for stock at festivals or events, our team can offer tailored advice and services no matter your requirements. To arrange an audit, call our team on 01730 265 500 or email us at hello@robison.co.uk.