In recent years, January sales have shifted from a bustling in-store scramble to a month-long online shopping spree, with retailers launching extensive digital promotions. While this change provides a revenue boost for businesses, it also exposes them to significant cyber risks.
In recent years, January sales have shifted from a bustling in-store scramble to a month-long online shopping spree, with retailers launching extensive digital promotions. While this change provides a revenue boost for businesses, it also exposes them to significant cyber risks.
Sophos data highlights that almost a third of retail businesses impacted by ransomware opted to pay the ransom to retrieve their data. However, paying did not guarantee full data recovery; on average, only 67% of data was restored, leaving a significant portion lost, and just 9% of those who paid successfully retrieved all their data. Although this recovery rate is slightly above the global average, the data clearly shows that paying the ransom is not a reliable solution.
In addition to ransomware, retail businesses face other forms of cyber threats, including IP address infiltration, injection attacks, compromised email accounts, and fraudulent transactions on e-commerce platforms.
Adding a cyber insurance policy can further mitigate risks. A cyber insurance policy from Clear Business not only minimises business disruption but can also cover financial losses if an attack occurs. Protecting customer data, such as credit and debit card details, is essential for maintaining a positive business reputation and preventing potential reputational damage. Strong privacy protections and robust security measures should always be a top priority.
Retail cyber insurance is designed to protect your business from the potential financial fallout of cyber incidents, including those affecting inventory, customer trust, and your bottom line. Cyber insurance safeguards can help retailers weather unexpected events that might otherwise upend business operations, allowing them to rebound with a stronger security posture.
If you’re considering protecting your business further, a tailored business insurance policy can provide the essential support you need to navigate and mitigate cyber threats.
As a business owner, you can understand the importance of having the right insurance package to mitigate cyber risks. We can help you get the cover you want with less hassle.
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Prices from £4.74 a month*
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*The price is for up to £2 million of public liability insurance – 10% of customers paid £4.74 or less annually between 1st Jan - 31st May 2024. Equivalent to £56.82 a year (and excludes the extra costs for paying monthly). If you complete a quote, more types of cover will be available and these all have additional costs.
Stay protected and connected with secure, reliable broadband that keeps your business online without the risk.
Protect your business from cyber threats with insurance designed to cover online security breaches and keep your operations safe.
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