Sheffield broker warns firms of the threat of cyber crime as one in ten small businesses fall victim

22nd October 2012

Sheffield broker IFM insurance is warning local businesses of the growing threat of cyber crime.

  This follows research by insurer Hiscoxwhich revealed that 10% of small businesses had been the victim of a data hack.  What's more the same research found that 90% of firms don't have a cyber crime insurance policy in place to protect them against the financial, business interruption and legal costs they would incur should they be struck by cyber crime. Last year a report by the government indicated that the cost of Cyber crime on UK business was £21bn.  E-risks that businesses now face included theft of data, online identity fraud, loss of confidential information and hacker damage.  Earlier this year in Sheffield, the Association of Chief Police Offices announced the creation of three regional policing e-crime hubs to tackle the growing threat of cyber crime. David Biggs, Managing Director of IFM Insurance Brokers said, -Cyber crime is a growing threat to all businesses and the tactics employed by hackers are becoming more sophisticated.  So firms should evaluate their IT security and protection requirements to ensure they remain secure.  Insurance is available to provide peace of mind and companies should contact their local broker for advice.