Cyber incidents are not limited to a particular industry.

Any business that relies on computers, email, cloud platforms, online banking or digital information can have cyber exposure.

Businesses holding sensitive information #

Organisations can face increased consequences from a cyber incident where they hold information such as:

• Personal information
• Financial information
• Health information
• Identity documents
• Client records
• Confidential commercial information

Examples can include professional services, healthcare, financial services and education businesses.

Businesses relying heavily on technology or electronic payments #

Technology dependence can increase the operational impact of an incident. Examples can include:

• Technology and SaaS businesses
• Online retailers
• Professional services firms
• Manufacturers
• Construction businesses
• Real estate businesses
• Businesses using cloud-based systems

Businesses that regularly make or receive electronic payments can also be exposed to risks such as:

• Business email compromise
• Invoice fraud
• Payment diversion
• Social Engineering

Cyber risk also affects small businesses #

Cyber risk is not limited to large organisations. Smaller businesses can also be affected by ransomware, email compromise, data breaches, phishing and system outages.

The relevant question is generally not whether a particular industry is “high risk”, but what systems, data, payment processes and dependencies the individual business has.

What can create a cyber exposure for a small business? #

A small business does not need to be large or hold millions of records to experience a costly cyber incident.

Common exposure points can include:

• Email and cloud software
• Client and employee information
• Electronic payments and online banking
• Remote work
• External IT providers
• Dependence on computers or connected systems

Using cloud systems or outsourcing IT support does not remove the business’s exposure. Incidents can also arise through stolen credentials, accidental disclosure, data loss or a cyber event affecting a third-party technology provider.

Contact our team if you would like to discuss the Cyber Insurance exposures relevant to your business.