Rigby Financial recognised worldwide as Cyber Security Awareness Month, a campaign designed to highlight the growing risks businesses face from cybercrime and to encourage organisations to strengthen their defences. To show support, at Rigby Financial, we spent the month offering advice and tips across our social media channels (Linked In, Facebook and X), to prompt business to get their cyber insurance sorted!
This year’s campaign may have ended, but we remain as committed as ever to ensuring local businesses are properly protected.
Why cybercrime is everyone’s problem
With headlines focusing on industry leaders – think M&S, Jaguar Land Rover, Heathrow Airport – there’s a dangerous misconception that cybercriminals are only interested in big names.
But the truth is, it’s often smaller businesses that are more at risk!
SMEs are increasingly attractive targets because:
- Their cyber security measures are often less advanced.
- They may not have dedicated IT teams monitoring threats.
- They handle sensitive customer and supplier data that can be exploited.
A single phishing email, a ransomware attack, or an employee clicking a malicious link can be all it takes to compromise an SME. And the fallout isn’t just about lost data, it’s about lost trust. Customers and suppliers want reassurance that their information is safe, and if a breach suggests otherwise, reputational damage can be as costly as the direct financial loss.
How cyber liability insurance protects SMEs
Preventative measures such as firewalls, antivirus software, and staff training are crucial, but even the best systems can’t guarantee complete protection. Cyber liability insurance steps in when preventative measures fail, offering cover in key areas such as:
- Repairing damage to your website or systems
- Recovering lost or stolen data
- Dealing with identity theft or online fraud
- Restoring systems after a hack
For SMEs, this kind of support can be the difference between a temporary setback and permanent closure.
Practical steps for better cyber awareness
Cyber insurance is one part of a wider strategy. Every SME should also take proactive steps to strengthen its cyber resilience.
Some practical measures include:
- Staff training — many attacks begin with human error, so training employees to spot phishing emails and suspicious links is vital.
- Strong passwords and multi-factor authentication — simple measures that make it harder for criminals to gain access.
- Regular software updates and patches — outdated systems are often an easy entry point.
- Data backups — secure, off-site backups reduce the impact of ransomware.
- Access controls — limiting who can access sensitive information.
Of course, prevention alone isn’t enough. By combining strong security practices with comprehensive insurance, SMEs can create a robust safety net against both the immediate and long-term consequences of a cyber-attack.
Turning awareness into action
Awareness is important, but it’s only the first step. October’s Cyber Security Awareness Month has been a timely reminder that businesses must translate awareness into action.
Cybercrime is not a distant threat; it’s a present and growing risk that can affect any business, regardless of size.
For SMEs, the impact of an attack can be devastating without the right protection in place.
As Cyber Security Awareness Month reminds us, now is the time to act! Strengthen your security measures, train your staff, and most importantly, protect your business with the right insurance.
Ready to bolster your defences? Then talk to the team at Rigby Financial today. Email enquiries@rigbyfinancial.co.uk or call 01744 886077.