Common cyber security myths

By Lancashire Business View

06 Dec 2018

A successful cyber attack can cause serious damage to your business, whether that’s an SME or a large corporation.  By Simon Roskell, compliance manager, Organic

It can affect your bottom line, as well as your business reputation and in turn significantly damage consumer trust. The impact of a security breach can be broadly divided into three categories; financial, reputational and legal.

Many companies are confused by how cyber insurance actually works and can be somewhat sceptical about arranging a suitable policy for their business.

Here we look at the myths around cyber insurance and ask the million dollar question: can your business afford not to have it?

Many companies believe that cyber is already covered by their current business insurance.

Unfortunately, traditional policies lack the depth of standalone cyber cover and won’t come with experienced cyber claims and incident response capabilities.

Another myth around cyber is that attacks only affect big businesses.

This couldn’t be further from the truth. Many cyber criminals target the most vulnerable companies not just the most valuable. In fact, a recent Verizon report found that 58 per cent of victims were categorised as small businesses.

Another common myth we often hear is that businesses believe they don’t require cyber insurance if they outsource their IT Security.

Though using a third party might change your risk exposure, it won’t eliminate it completely.

It’s likely that you’ll still be liable for any cyber breach and relying on claiming damages from a third party is risky. Having a specific cyber insurance policy in place, is crucial in the current climate of increased cyber attacks. Failing to have the relevant protection could prove detrimental to your business.

Latest news

1

Warden Construction completes work on Manchester Christmas Markets Christmas Markets

Warden Construction completes work on Manchester Christmas Markets

22 Nov 2024

2

Central Power Services donates second backup generator to St John’s Hospice St John's Hospice get donation of second backup generator

Central Power Services donates second backup generator to St John’s Hospice

22 Nov 2024

3

Lancashire Business View magazine shines spotlight on hidden 'Ribble Valley' One of the panels at Issue 119 launch in Ribble Valley

Lancashire Business View magazine shines spotlight on hidden 'Ribble Valley'

21 Nov 2024

4

Blackburn College unveil new look Scholars Restaurant and Food for Thought café Opening of the Scholars Restaurant

Blackburn College unveil new look Scholars Restaurant and Food for Thought café

21 Nov 2024

5

Trio of client wins for Door4 Leon Calverley

Trio of client wins for Door4

21 Nov 2024

PC PrestonMacan GIF980x120
Background image for hub sign up block

LBV Hub

Leverage Lancashire Business View platforms

Post your news
Post your events
Post your offers
Build your network
Improve your SEO
Gain coverage in the magazine
Sign-up
Events
The Lancashire Festival of Business
FOB 315
Exhibitions
30 Jan 2025

The Lancashire Festival of Business

Impact Conferencing, Burnley, BB12 6QP

09:00 - 16:00

RISE - The Academy for Female Leaders and Managers
WENDY BOWERS RISE Illustrstion copy.jpg.jpg
LBV Hub Seminars
11 Jun 2024 - 04 Dec 2024

RISE - The Academy for Female Leaders and Managers

East Lancashire Chamber of Commerce, Clayton le Moors, BB5 5JR

09:00 - 16:30

Skills Bootcamp in Procurement - Cohort 2
Blue-Modern-Land-Travel-Youtube-Thumbnail-2-1024x576.png.png
LBV Hub Seminars
15 Oct 2024 - 17 Dec 2024

Skills Bootcamp in Procurement - Cohort 2

Community & Business Partners CIC, Blackburn, BB2 3UA

09:30 - 13:00

NLP Diploma Foundations
nlp nov 24.png.png
LBV Hub Seminars
22 Nov 2024 - 24 Nov 2024

NLP Diploma Foundations

Unlocking Possibilities training venue, 166 Waterloo Road , Blackpool, FY4 2AF

09:00 - 17:00

CQI and IRCA Lead Auditor Training Course ISO 9001 – Quality Management Systems (QMS) - REMOTE
IRCA-Certified-Course.jpg.jpg
LBV Hub Webinar
25 Nov 2024 - 29 Nov 2024

CQI and IRCA Lead Auditor Training Course ISO 9001 – Quality Management Systems (QMS) - REMOTE

Via MS Teams Link - RKMS Group , Blackpool, FY4 2DP

09:00 - 17:00

Preston Freelancer Meet-Up
Freelancer-Meet-Up-Nov.png.png
LBV Hub Networking
26 Nov 2024 - 26 Nov 2024

Preston Freelancer Meet-Up

Society1 Coworking Space, Preston, PR1 3LT

10:00 - 11:00

Chamber Breakfast Networking
Chamber Logo.jpg.jpg
LBV Hub Networking
27 Nov 2024 - 27 Nov 2024

Chamber Breakfast Networking

Lancaster Golf Club, Ashton Hall, Lancaster, LA2 0AJ

08:00 - 10:00

Kickstart Networking - End of Year Celebration
Gold White Simple Christmas Party Instagram Post (Square).png.png
LBV Hub Networking
29 Nov 2024

Kickstart Networking - End of Year Celebration

Esc CC, Clitheroe, BB7 2DA

17:00 - 21:00

Sub36 Networking - Christmas Special
Sub36 Socialbaubles1200x630
Networking
04 Dec 2024

Sub36 Networking - Christmas Special

Stanley House Hotel & Spa, Mellor, Blackburn, BB2 7NP

09:00 - 11:30

CQI and IRCA Lead Auditor Training Course ISO 9001 – Quality Management Systems (QMS)
IRCA-Certified-Course.jpg.jpg
LBV Hub Webinar
16 Dec 2024 - 20 Dec 2024

CQI and IRCA Lead Auditor Training Course ISO 9001 – Quality Management Systems (QMS)

Via MS Teams Link - RKMS Group , Blackpool, FY4 2DP

09:00 - 17:00

Skills Bootcamp in Procurement - Cohort 3
Blue-Modern-Land-Travel-Youtube-Thumbnail-2-1024x576.png.png
LBV Hub Awards
14 Jan 2025 - 18 Mar 2025

Skills Bootcamp in Procurement - Cohort 3

Community & Business Partners CIC, Blackburn, BB2 3UA

09:30 - 13:00

Red Rose Awards 2025
Red Rose Awards 2025
Awards
13 Mar 2025

Red Rose Awards 2025

Winter Gardens Blackpool

18:00 - 11:59

Advertise with us

Reaching 50,000 members, our print, digital and event platforms offer a fantastic way to raise your business profile and help you grow.

Find out more LBV118 Online Graphic
Subscribe now

Weekly news bulletin