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Cyber threats and how they are being seen by the transport industry

In the UK, according to the Government’s most recent Cyber Security Breaches Survey (June 2020) the extent of cyber security threats has widened and become more frequent with almost half of businesses reporting cyber security breaches or attacks in the previous 12 months and yet only 32% reporting being insured against cyber risks and only 15% having reviewed the cyber security risks presented by suppliers.

We believe these are the only a select view of the top threats to the transportation industry:

Clients or suppliers

External computer networks will only be as secure as the weakest link so if those external networks stop (or are prevented from) working, firms may not be able to complete your services. This could interrupt the business and would not be picked up under standard business interruption cover.

Paying invoices

They can leave firms open to a social engineering loss. Criminals can craft what appears to be a legitimate email message from an authorised officer and transfer funds to a criminal’s account. The criminal may monitor social media to see when the best opportunity arises.

Direct attack

If a firms network is corrupted or altered, you may not be able to fulfil its professional service and the firm may be held financially responsible for spoilage, lost shipments and more.

Mobile devices

Mobile devices can be locked with ransomware or suffer some other sort of network failure that can impact business.

A good and secure IT system is a necessity but for when problems occur Cyber Insurance can give protection. Ascend we can provide Insurance solutions and help with risk management with advice tools to ascertain the robustness of your current IT program.

Have any questions? please don’t hesitate to contact one of our team

Stuart.belbin@ascendbrokingold.co.uk  |  Office: 01245 449067

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