A reminder why Retailers should consider Cyber Insurance !
Last year on Cyber Monday in 2014 , consumers spent £7,523 per second ….this is traditionally one of the busiest day on the internet where consumers take advantage of many fantastic deals ahead of Christmas.
China recently had their version of Cyber Monday which was the biggest single shopping day in the world with $14.3 billion settled via its payment service.
Fact – 23% of all retail transactions take place on line in the UK.
Fact – 10% of Britain’s whole economy is on-line ….. the highest in the world.
In this environment companies computer systems are under enormous strain and this presents an ideal opportunity for hackers to take advantage of any vulnerabilities that may exist , be that stealing data , injecting a virus or holding a website to ransom which could cause chaos and massive disruption to a business.
At this time many retailers will see an extraordinary exchange of data which will include consumers credit and debit cards and other personally identifiable information. In managing this risk a business must have robust security systems and adequate privacy policies in place to mange this exposure. It is unlikely that a business will be able to 100% prevent a cyber attack or a breach which is where cyber insurance can play an important role in the armour that a business has in averting these types of threats.