Whilst many farm businesses are increasingly vigilant in amending their work policies to mitigate the risk of cyber-attacks, many still don’t have adequate protective measures against cybercrime in place.
Despite the number of targeted attacks with a financial impact decreasing slightly over the last year, the overall costs to those who are affected have risen dramatically. Since 2017 when the average direct cost to businesses was £1,380, this figure has now grown to £3,150 in 2019. This amount doesn’t consider recovery costs and long-term costs which both add up to approximately £3,000 on average.
Although the number of large and medium businesses protecting their businesses with cyber insurance has risen in the past year, only 11% of all businesses and 6% of charities have specialised cover in place. What’s more, just over a third of businesses have a board member or trustee with specific responsibility for cybersecurity.
It’s important that, regardless of the size or nature of your farm business or charity, you are fully aware of both the immediate and long-term impact that cybercrime could pose to your operation.
FUW Insurance Services Ltd. have worked with many businesses from self-employed tradesmen to global corporations on their cyber solutions. To help ensure you’re protected, the specialist team can conduct a review of your existing insurance to evaluate whether cyber insurance would benefit your business. Contact your local FUW Account Executive today at https://www.fuwinsurance.co.uk/contact-us/