The relatively recent phenomena of Black Friday and Cyber Monday are imports from the US and they herald the start of the pre-Christmas buying spree. This year is likely to see yet another rise in online transactions and electronic payments. Millions of pounds will change hands between consumers, retailers, wholesalers and manufacturers – and the criminals are ready to pounce.
Cyber security experts Threat Matrix estimate that over 20 million cyber-attacks will target online retailers and shoppers in the UK. They also predict a 60% increase in attacks on ecommerce websites.
Duncan Sutcliffe, Director, Sutcliffe & Co commented: “Surprisingly, most attacks and fraudulent acts use relatively simple techniques to steal our money, property and data. User awareness and a healthy level of suspicion will go a long way towards spotting potential criminal activity.”
There is a lot of advice available on websites like www.getsafeonline.org on how to recognise fraudulent behaviour or cyber-attacks. Duncan added, “A little bit of education could make a big difference.”
If you are a business owner, you should also seriously consider achieving certification to Cyber Essentials or at least implementing the basic technical measures that Cyber Essentials certification recommends. A recent study by Lancaster University found that over 99% of cyber-attacks on SMEs would be prevented or at least minimised if companies achieved the standards recommended by Cyber Essentials.
Business owners should also make sure their insurance has moved with the times and protects them from the risks associated with cyber-crime and fraud. Traditional insurance policies for retailers, wholesalers and manufacturers will normally exclude cybercrime and data breaches so business owners should ask about specific cyber and crime cover.
Sutcliffe & Co is an independent insurance broker specialising in business, professional and private clients’ insurance as well as providing assistance with wider risk management. www.sutcliffeinsurance.co.uk