It can be easy to underestimate the value and importance of
Cyber Insurance for modern businesses. In this blog, we will dive into the
3 Stages of Protection we offer all of our clients and how businesses can
better navigate around the threat of cyber crime.
⚠️ In recent years cyber crime has been on a rise. In 2022, the Office for National Statistics (ONS) found that there were approximately 1.6 million cases of Cyber Crime in England and Wales alone. ⚠️
Simcox Brokers is pushing for cyber security that is affordable, adaptable and easy to use. We are continuing to partner with a growing network of Cyber Security specialists, so that our clients receive expert advice to improve their Cyber Hygiene.
For those businesses looking to purchase Cyber Insurance and / or looking to review their current cyber security arrangements, we have put together the breakdown below to show how Simcox Brokers & our Cyber Partners can help you through each stage of building a strong security network.
Phase 1. Preventative controls
What's the best way to solve a problem? Prevent it from happening in the first place.
With your permission, our expert advisors will stress-test your cyber security's preventative measures. Seeking to improve any weaknesses in your information systems to intercept any cyberattacks in the first place. Patch updates, firewalls, encryption, physical barriers and multi-factor authentication can all help protect your network. Phase 1 is a crucial first move, reducing the risk of future attacks, therefore increasing your insurability.
Phase 2: Detective Controls
Detective controls help automate your security, running Framework & Scenario-driven scans, routinely searching for alien or hostile elements in your network. These controls are the night watchmen looking in the corners of your security that you may not have checked. If a threat presents itself, detective controls alert businesses of infiltration attempts or cyberattacks, for example antivirus and intrusion detection software.
Our key risk assessments search for Ransomware, Fraudulent Attacks, Data Breaches and other predatory Malware. Providing you with a transparent look at possible threats or vulnerabilities in your system, helping prevent problems before they occur. Detective controls protect the business at a far lower cost than having to remediate after the attack occurs and save your clients' data from leaking.
Phase 3: Corrective controls
If the worst has happened, you'll need specialists who are quick and efficient. The corrective controls we employ are used after cyber incidents to minimise the impact and help restore your network. After a cyber-attack, its important you are kept informed as our partners fix the problem. Therefore, our experts always make themselves available to explain key concepts and provide support to customers.
Using backups to restore your lost data, rebuilding stronger guards for your cyber security and access to support hotlines are just some of the critical pillars that a business needs to recover efficiently, we take the stress out of your hands whilst keeping you updated at every step.
Unfortunately, Cyber Crime is now a part of doing business in the modern world.
Make sure you're protected by a dedicated team and ensure your insurer is working their hardest to keep your business safe and prospering.