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Cyber Risk Calculator Launched to Help Businesses Calculate Data & Cyber Risks

10 April 2017

Leading commercial insurance broker, NC Insurance, look at the latest developments in cyber crime and launch their Cyber Risk Calculator.

With Wonga the latest company to report a data breach, it will perhaps come of little surprise that , the first joint report by the new National Cyber Security Centre (NCSC) and the National Crime Agency (NCA), presents a rather disheartening outlook for the digital safety and security of UK organisations.

In fact, three months after it became operational in October 2016, the NCSC has had to address 188 high-level cyber attacks, including Russian state-sponsored hacks. Whilst most UK organisations will likely not be targeted for state-sponsored attacks, each business was subjected to 230,000 cyber attacks in 2016, according to internet services provider, Beaming.

In addition to noting the high volume of cyber attacks experienced by organisations, the report also identified current trends in cyber threats, which include the following:

• The technical skill required to successfully carry out a cyber attack continues to decrease, as malware and services, such as distributed denial of service (DDoS) attacks, can be acquired on the dark web without much difficulty.
• The ever-increasing number of internet-connected devices—including mobiles, wearables and smart appliances—provides cyber criminals with significant opportunities for attacks.
• Threat actors, which are either individuals or software that are responsible for incidents that breach an organisation’s security, are learning skills and methodologies from one another. In response to these cyber threats, 28 per cent of UK businesses indicate they plan on taking out cyber cover this year, and 59 per cent plan on increasing their cyber security budgets, according to industry research. To protect your business, the NCSC offers the following tips: • Report cyber attacks to Action Fraud at 0300 123 2040.
• Invest in cyber security, which should include robust anti-virus and malware detection software, as well as cyber cover.
• Provide your employees with basic cyber security training, which outlines risky online behaviour.

For more help managing cyber risk, Gateshead based commercial insurance broker, NC Insurance, are giving Approved Business members and readers, free access to:

1. A Cyber Risk Calculator which allows you to calculate cyber risks in your business.
2. Cyber training materials which can be used to educate your staff and reduce cyber risks in your business.

For access to the Cyber Risk Calculator, simply follow the link below. And for access to the free training materials, contact Mark Burdett, Sales & Marketing Director at NC Insurance on 0191 482 1219 or directly at markb@ncinsurance.co.uk

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