Target, a giant US retailer became the victim of a well-planned cyber-attack in November, 2013 on Black Friday. The information was stolen from the cards of 40 million customers by the employment of the technique called ‘skimming’.
Geoff White working at Lloyd's syndicate Barbican as underwriting manager (technology, cyber and media) reported that the small businesses do not consider themselves to be vulnerable enough for the cyber-attacks and consider it as a risk for the big businesses only. Cloud computing is one of the big reasons along with the other new technologies behind the businesses succumbing to the malicious intentions of a cyber-attack.
Mr. White said that insurance schemes are just a part of the risk management solution but there is a need for the companies to understand more about the cyber threats and their vulnerabilities towards the same. He also said that you can protect yourself from the cyber-attacks, thanks to the antivirus and the firewalls but there will be a great difficulty in doing so in case of a socially engineered email.