Corporate News

Stay alert to cyber attacks

5 min

Did you know cyber-attacks have increased over the last 12 months?

With a greater reliance on technology than ever before, we’ve seen an increase in the frequency and severity of cyber threats and attacks. Any business can be affected as we’ve seen with the Microsoft Exchange hack or the US Colonial Pipeline ransomware attack. Unfortunately, some UK brokers have also been targeted, as reported in the insurance press.

The ICO have offered great insight into data security incident trends in the first 3 months of 2021 and specialist companies can offer advice on how to protect your business against cyber threats. The National Cyber Security Centre has created a Cyber Essentials guide to help you guard your organisation against cyber-attacks and BIBA have issued guidance on the uses of cyber insurance.

When you become aware of a potential cyber incident, you’ll need to do the following:

  • Report the incident to the regulators within the require timescales, following advices from your Legal and/or Compliance teams – this includes the ICO and FCA 
  • Report any suspected or actual data incidents to all your insurer partners – in our TOBA, this requirement sits under section 15.4.3 “Each party shall promptly (and without undue delay) notify the other Parties if: […] or (b) it becomes aware of an actual or suspected personal data breach (as that term is defined in the GDPR)”.
  • Report any suspected or actual data incidents to your entire supplier network

Have you considered...

  • Staff training and cyber security awareness: Staff with knowledge of cyber security threats can help keep your business safe. Generating awareness among your employees about the prevalent and emerging cyber threats is one of the most effective ways of protecting your business against cyber attacks
  • Implement a Phishing Incident Response tool: Educating your employees will only take you so far if you don’t equip them with the means of dealing with cyber threats. A phishing incident response tool can empower employees to detect and report suspicious emails right away, significantly reducing cyber risks
  • Conduct regular Vulnerability Assessment and Penetration Testing (VAPT): help detect any exploitable vulnerabilities in your organisation’s IT infrastructure, including applications, servers and networks. Make sure to fix the detected weaknesses as soon as possible

  • Keep systems updated: Keep all your hardware and software up to date with the latest security updates and patches. Without them, you can create weaknesses in your security infrastructure which could lead to cyber attacks
  • Implement Multi-Factor Authentication (MFA) across all the applicable endpoints of your organization’s networks: This will not only add an extra layer of security but also protect you in case your employees’ user credentials are stolen
  • Government’s Cyber Essentials Scheme and Certification: refer to the government scheme and get your organisation set up to guard against the most common cyber threats 
  • Get appropriate Cyber Insurance cover: BIBA has great guidance on this topic

Don’t forget - Malicious third parties may obtain data which can be used for social engineering or cyber-attacks on your business partners, including insurers and suppliers.
Who should you contact at LV= if you have a suspected data breach and/or cyber-attack?

As soon as you become aware of an actual or suspected data breach or cyber-attack, please contact your account manager so we can work together to reduce the impact of the incident.
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