Big Interview

Cybercrime is a very real and growing threat, with an estimated 90 billion cyber-attacks launched every day around the world. The average UK company can expect at least two significant network hits each month, and a ‘successful’ breach won’t just hurt your bank balance. It can seriously damage your brand and reputation. As Mike points out, businesses tend to fall into two camps over cyber-attacks: those that have taken positive steps to protect themselves (including insurance cover), and those who think - or hope - it won’t happen to them. The truth is that every business is vulnerable to phishing, hacking into emails and IT systems, and ransomware. Mike explains, “Phishing is still one of the most common threats. For example, an ‘actor’ (cybercriminal) can infiltrate an email address and sit monitoring company data for days, weeks or even months.

“Ransom attacks happen when they have harvested enough information, or think the company is getting complacent. If the ransomware is successful, that business can be rendered totally inoperable for weeks.”

From a regional perspective, Mike says that three businesses in Worcestershire alone fell victim to ransom in just one week recently. “They all thought they were protected, they all had cyber insurance. But as with all insurance, it is a very good idea to check the small print. Some cover is excluded if your IT infrastructure isn’t up to certain standards, and these exclusions are escalating almost monthly as attacks spiral.” The team at EBC works very closely with customers to help mitigate risk. In line with other trusted managed service partners, EBC can advise on the most up-to-date back-up measures, firewalls and antivirus software protection. Company IT departments can also benefit from the support of security operations centres which constantly scan the global web looking for threats to local companies. “We liaise with these centres to make sure that viruses are locked, isolated and removed as soon as they are detected,” Mike explains. While money is the main motivation for cybercrime, some ‘actors’ are in it “just for the bragging rights”, Mike says. “They simply want to show they can get through to the end users and cause disruption. That’s why it’s so important for all businesses - no matter how big or small they are - to be alert to all threats, no matter where they originate.” Adequate insurance cover against cyber-attack is hugely beneficial. At a time when most businesses are seeking to cut costs, Mike believes it is important to weigh up the benefits of the right insurance protection. “Obviously the level of risk appetite depends on the individual business,” he says.

“Policy costs are increasing month on month because of the huge amount of cybercrime, but decent IT security cover can be viewed as a positive offset factor to cost. Your premiums may come down if your operations have the right level of security and support so it will eventually even out.” Most insurance companies now mandate Cyber Essentials or Cyber Essentials Plus for businesses. This government-led scheme uses five key technical controls (Boundary Firewalls, Secure Configuration, Access Control, Malware Protection and Patch Management) to reduce 80% of common cyber threats. Once achieved, the accreditation can then be underwritten by a managed service partner like EBC and shows an insurance firm that its client is compliant in cybersecurity best practice. EBC is working closely with insurance bodies to identify the minimum standard required to achieve certification and adequate cover. Compliance is particularly important in the legal and financial sectors, where ‘actors’ are constantly trying to infiltrate processes and information at particularly delicate stages, whether it’s a property transaction, a merger or acquisition, or other lucrative forms of trade. Again, EBC is collaborating with clients in both sectors to make sure they can take effective steps to protect themselves and their clients against costly breaches and support the reduction in their PI insurance. Staff training and awareness is another very important element in the fight against cybercrime, with new hacks and scams coming to light every day. Mike explains, “Artificial intelligence is increasingly being used as a tool to get into networks, with self-learning compounding the challenge (hence the 90 Billion attacks) . Very diligent research and development is needed to spot these trends early on and keep one step ahead of the game. “You can have the best network and the most secure devices etc., but none of that legislates for the people actions in your business, and how they might react to, say, a phishing email on any given day. Attacks commonly happen when people let their guard down for just a minute.” To counter the issue, EBC organises training sessions, phishing campaigns and video presentations to help raise awareness in local businesses.

Looking ahead to 2023, EBC anticipates a huge year of growth, with ambitious plans focused on its Managed IT solutions, Security, a brand-new Unified Communication solution and Mobile connectivity. Mike explains, “In just under three years, BT is moving all its exchanges and networks over to a cloud-based IP solution, and as with the security aspect, there is no room for complacency. It’s vital that businesses are aware that this is 100 per cent happening, and act quickly to avoid the rush. EBC is in a very strong position to help them do just that with our Unified Communications platform.”

COO of EBC Group

ebcgroup.co.uk