A simulated cyber attack was launched on UK Bike Manufacturer Brompton Bicycle by Bermuda based insurance company Hiscox. The reason- just to make the world and the SMBs realize how it feels on being attacked and the risks involved.
The insurance company had to make a lot of efforts to conduct this activity and so needs to be applauded to the core of the heart. First, it constructed an imitation store on the other side of the road of the original store which mimicked the products, staff, and content in the original store to a large extent. The counterfeit store was named as “3rompton” and then a series of cyber attacks such as ransomware and phishing were launched on the digital assets.
Hiscox conducted this activity to reveal to the world how a single cyber incident can make or break a business. Its study says that one in three or 33% of UK’s small businesses have suffered a cyber breach till date and the cost of loss on the average happens to be £25,703 a year. Well, there is also an indirect loss like damage to the reputation of the business, the impact of losing customers and the difficulty of attracting future customers.
“The severity of cyber attacks on the businesses operating in the UK is alarming as hackers are getting sophisticated and are considering businesses of all shapes and sizes as their easy targets”, said James Brady, head of Cyber Insurance, Hiscox.
This is where business owners should take the pledge of raising their cyber defenses by putting solid cybersecurity measures in place.
Butler Adams, the Chief Executive at Brompton Bicycle said that his firm was interested in working with the Hamilton-based insurance company to highlight the risks involved in cybercrime. And so allowed it to launch simulated cyber attacks on its digital assets.
Robert Hannigan, the former director of GCHQ said that still a lot of businesses in the UK are taking cyber attacks lightly and many are underprepared to face the worst.
So, cybercrime exercises such as the one initiated by Hiscox on Brompton Bicycle might prove useful in conveying an important message added Hannigan.