Do you think your business is too small for a hacker to break in and take data? Is data breach a concern for your business? Banks were said to be ‘too big to fail’ in 2008. Today the big risk is for hacking and crime, many small businesses believe they are ‘too small to be a target’.
In August and September 2018, property and casualty insurer Chubb completed a survey with YouGov in Singapore to gauge their attitude to cyber risks.
“Some SMEs believe they are too small to be targeted by cyber criminals or any internal issues will not greatly impact them. In effect, they think they are “too small to fail”. However, every report, survey or set of statistics on cyber events tell us that all businesses are exposed, whether big or small.
“Structured risk management methods and strategies are largely nonexistent as most SME owners seek to maximise profitability and growth. I see this is an opportunity for insurance companies and brokers to better inform their clients,”Andrew Taylor cyber underwriting manager, Chubb Asia Pacific
Securing your small business is good for you and good for your clients. Many small businesses work for larger businesses and the supply chain is going to gather more focus. Supply chain and audit is growing in focus and companies need to start connecting their whole supply chain with an audit support function to highlight risk and correction. Do companies know the strength of the companies within their supply chain? Especially cyber risks? Hacking small businesses can be an easy way to literally allow a hacker to walk into a larger company.