Daily Insurance Industry News
Daily Insurance Industry News
Thursday 18th of October 2018
February 2, 2011

SMEs fear e-crime and burglary

by Richard Kilner

Story link: SMEs fear e-crime and burglary

Hiscox, the specialist small business insurer, has commissioned research which reveals that three-quarters of SMEs are not completely confident that their premises are safe from thieves.

A further 22% are concerned about e-risks and cyber crime, with 38% believing that, since the start of the financial downturn, their offices are more likely to be the target of burglary.

Computer equipment was cited as the most at-risk, by 41% of SMEs, and cyber crimes such as hacking and online identity fraud were also highlighted as potential risks.

Figures from last year indicate that cyber crimes can cost a small business between £10,000 and £20,000.

John Heaney, Hiscox SME insurance expert, advised small businesses to do basic checks, such as ensuring windows and doors are secured, putting valuable goods out of sight and setting alarms.

Hiscox also advocates the encryption of electronic information and restricted access to files on a need-to-know basis, to help reduce the risks of e-crime.

Businesses are not alone in needing to take security precautions, and last month Direct Line revealed that 63% of people moving into a new home did not bother to change the locks, putting themselves at increased risk of burglary.


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