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Thrive is set up by Funding London, a venture capital company bridging the finance gap for early stage businesses based in London. With over a decade’s experience in supporting the startups of London through a variety of funding vehicles, Funding London sensed a need to illuminate the ever-evolving scenario of London’s early stage businesses.

Thrive features interviews with and opinion from budding entrepreneurs, investors and industry experts. A mix of contributors from all areas of the industry is desired in order to spark genuine discussion about ongoing critical issues. While it showcases the effectiveness of successful ventures, it also encourages sharing lessons learned from missteps and unsuccessful projects.

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Early Stage Market · 2 December '19

Don’t fall victim to cybercrime

Cybercrime is undoubtedly a growing threat to all businesses in all sectors, from sole traders and freelancers, to SMEs and multinationals. According to analysis from Beaming, UK businesses faced an average of 146,491 attempted cyber-attacks in the second quarter of 2019 or in other words – one attack every 50 seconds, the highest level since 2016. Over the summer British Airways has become the first British company to be penalised under the EU General Data Protection Regulation (GDPR).

What is the risk of a cyber attack and how much do they cost?

If you think that you are immune from this growing threat or that hackers are not going to be interested in you because you are a small business or a “one-man band”, think again! SMEs are continuously being subjected to repeated cyber-attacks. In fact, almost 10,000 attacks are happening every day according to the Federation of Small Businesses (FSB). And according to TechRadar , a staggering 1.4 million SMEs were hit by a major attack last year with the impact of an attack costing nearly £6,500 on average. One in six SMEs spent £10,000 or more to combat an incident, with nearly one in 10 paying out more than £20,000.

What does the increased threat of cybercrime mean to your business?

Let’s get real – anyone and any business that falls victim to cybercrime stands to lose a lot. It’s not just the financial implications that can be devastating but also the potential damage to the reputation of your business. Will your customers ever trust you with their data again? While a large multinational may be able to recover faster and more easily, for freelancers and SMEs, the consequences and implications of this are far greater and could even be terminal for your business.

How can cyber breach response insurance from Tapoly help?

As the first and fastest growing Insurtech in Europe providing on-demand business insurance, we strive to build the right products to ensure that you are suitably protected from emerging risks, such as cyber-attacks. And you don’t have to tie yourself into an annual policy that may be more than you need. Our Cyber Breach Response insurance, which comes as an optional add on when you choose our Professional Indemnity insurance, can give you the peace of mind that your business will be able to recover from the impact of a cyber-attack.

Our Cyber Breach Response can provide the support to enable you to locate the source of the security breach, helping you to protect your business against future attacks. We’ll also cover you for any essential data lost through the breach, while our call centre, credit and identity monitoring services, will take care of all the legwork required to help you make a full recovery and get back on your feet – leaving you free to get on with business.

Cyber Breach Response is affordable cover, meaning it really is a small price to pay to protect something you worked hard for – your business and your reputation. Protect your business from the potentially devastating and costly havoc that could be wreaked by cybercrime.