Keeping your vending business safe from cyber criminals

image013According to a PriceWaterhouseCoopers survey sponsored by the Department for Business Innovation and Skills, becoming a victim of a hack or breach costs smaller firms with fewer than 250 employees between £65,000 and £115,000. Justin Gould, director at specialist chartered broker Clear Insurance, explained in the latest issue of VI how vending operators can safeguard their business from a cyber attack.

“Worryingly, the findings suggest that some small businesses could suffer up to six breaches a year.  Such losses for any small business could be the difference between staying solvent or going out of business all together.

So are vending operators and those involved in the vending industry underestimating the threat cybercrime poses to their profitability and corporate reputation?  Sadly I think the answer is yes, and the problem is here to stay.  With all the other pressures of running a business, many vending operators just don’t have the time to address this real and present danger.

Faced with this growing threat, vending operators can help themselves by adopting some appropriate preventative measures.  As with most insurance issues, prevention is better than cure.  Operators need more help and a greater understanding of how online security and fraud issues can have an affect on their livelihood.  This is particularly important for those operators who provide contactless vending machines.  There’s no doubt that the number of breaches and media attention around them is helping to change the way all businesses view cyber security.

Many cyber attacks take place because most businesses use the latest technologies, such as mobile devices, tablets and laptops, and many firms are not taking the proper precautions to ensure the information stored on them is protected.   There are plenty of steps vending operators could be taking to improve security, including measures such as anti-virus software, firewalls and the encryption of sensitive data.  Many operators also run antiquated operating systems, which are often more vulnerable to cyber attacks.”

 Read the full story in the March issue here!