In the fast-paced world of flooring, where every business decision counts, protecting your company from cyber threats is critical. Flooring Protect Insurance Brokers offers you this helpful guide in four steps to defend against cyber risks.
Step 1: Learn about the cyber threat landscape
Flooring companies confront challenges like as shutdowns, malware, and unauthorised access in the delicate dance of the digital world. Recognising these difficulties is the first step in protecting your company against potential interruptions and financial losses.
Step 2: Stay current on industry trends
The trend towards online ordering and payment systems is convenient, but it also creates risks. Watch out for fraudsters that try to manipulate websites, intercept invoices, and target payment channels. To proactively manage these risks, stay educated.
Step 3: Gain knowledge from actual cases in the flooring industry
Examine actual occurrences in the flooring industry of cyber incidents to understand the possible consequences of cyberattacks. These examples, which range from ransomware attacks to business email compromise, highlight the significance of effective cybersecurity procedures.
Example 1: Business Email Compromise (BEC)
A flooring retailer experienced a BEC event when a staff member clicked on a phishing email. Though no payment requests were successful, the incident incurred significant costs. Cyber Insurance provided cover for $25,000 in forensic IT costs and $41,000 for incident response and legal costs, totalling $66,000.
Example 2: Fraud using Social Engineering
A flooring wholesaler fell victim to social engineering when an accounts person received an email from what they believed to be a regular supplier. Cyber Insurance provided cover for financial loss within the Social Engineering section of cover and paid $106,000 for the incident.
Example 3: Ransomware Attack
A flooring manufacturer faced a ransomware attack after an employee opened a malicious email. Data Recovery & Business Interruption cover within the Cyber Insurance policy covered the $80,000 cost for system restoration and $350,000 for loss of business income, totalling $430,000 for the incident.
Example 4: Network Attack
A flooring installer’s website suffered a DDoS attack, rendering it inaccessible for six hours. Cyber Insurance coverage reimbursed $18,000 for increased working costs of the business, $23,000 for specialist IT costs, and $142,500 for lost sales and revenue, totalling $226,500 for the incident.
Example 5: Staff Negligence
An employee at a flooring contractor’s office ignored internal policies and opened a harmful file attached to an email. Cyber Insurance Incident Response covered $18,000 for increased staff costs, $50,000 for business interruption costs, $100,000 for forensic investigation and response services, and $10,000 for incident response manager fees, totalling a whopping $178,000 for that one click.
Step 4: Tailor your cybersecurity strategy with cyber insurance
Enhance your cybersecurity strategy with a tailored Cyber Insurance policy. Follow the lessons and claims examples of others in your industry and get cover with options including privacy notification, crisis management, social engineering protection, data recovery, business interruption, and network attack coverage.
We invite you to take these four crucial steps towards cybersecurity excellence and safeguard your business, protect your reputation, and secure success in the digital era.
Article by Nathan Ray, Flooring Protect
