Nearly a quarter of SMEs concerned about e-risks and cyber crime

LONDON, UK (17 February, 2011): In light of the Government's new report which states that UK cyber crime costs the UK economy £27bn a year*, research by specialist small business insurer Hiscox reveals that nearly a quarter (22%) of SMEs are concerned about e-risks and cyber crime.**

Hiscox SME insurance expert, Alan Thomas, comments: "In light of these latest Government figures and the importance of data to businesses, it is essential that SMEs have strategies in place to mitigate online risks. Our research reveals businesses are now more concerned about cyber crime (22%), such as hacker attacks and electronic ID theft, than having cash (8%) stolen from their premises."

"Our research also revealed that over a third (38%) believed that their businesses are more likely to be a target of burglary since the start of the financial downturn which makes it all the more important to put in place robust security measures."

Hiscox offers the following security tips to help SMEs to protect against online and offline risks:

• Protect information with a need-to-know policy with employees. If storing information on a central file server, manage who has access to files. This can help prevent data loss whether accidental or deliberate
• Running an enterprise is a full-time activity and if you do not have online technical expertise seek professional advice on security. This can both save time and ensure the security measures cover the business needs
• Encrypt important information for extra security so that only authorised users will be able to access them
• Using the internet and email to conduct business means that data loss becomes a risk. Develop a clear email policy and raise online security awareness and issues with employees
• Back up your files and check your insurance cover so that you can get business up and running again quickly in the event of an incident
• Items like laptops and computer monitors are common targets for thieves and the real cost of a stolen IT asset isn’t just the hardware, it’s the lost data and the lost productivity. Lock servers in a room and move laptops into a secure drawer at the end of a working day.

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*http://www.detica.com/about-us/news-and-events/press-releases.html?id=1&task=asset&Artid=704

**Research of 1,000 SME owners was carried out on behalf of Hiscox by RedShift in 23 November to 5th December 2010

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About Hiscox

Hiscox, the international specialist insurer, is headquartered in Bermuda and listed on the London Stock Exchange (LSE:HSX). There are three main underwriting parts of the Group - Hiscox London Market, Hiscox UK and Europe and Hiscox International. Hiscox London Market underwrites internationally traded business in the London Market - generally large or complex business which needs to be shared with other insurers or needs the international licences of Lloyd's. Hiscox UK and Hiscox Europe offer a range of specialist insurance for professionals and business customers, as well as high net worth individuals. Hiscox International includes operations in Bermuda, Guernsey and USA. Hiscox Insurance Company Limited, Hiscox Underwriting Limited, Hiscox Europe Underwriting Limited and Hiscox Syndicates Limited are authorised and regulated by the Financial Services Authority.

For further information, visit www.hiscox.com