Business owners have been warned that artificial intelligence could bring an increase in cyber attacks as criminals begin to exploit its capabilities.

Our Director and cyber insurance specialist Dave Williams, said AI cyber-attacks were already unfolding and they were likely to become even more prolific and more expensive.

“Ransomware costs are at an all time high and so it’s vital that businesses do all they can to protect themselves as an attack could prove to be extremely damaging, and even lead to the business failing altogether.”

Dave said one of the most effective ways to protect a business from the impact of ransomware and tighten up cyber security systems was with cyber insurance.

“Cyber insurance policies help alleviate the financial and operational burden in the wake of an attack, and the criteria you need to follow helps businesses to develop an all-round security strategy that’s as strict as possible.

“This kind of strategy not only needs to work alongside existing security measures but also needs to provide a safety net in case a breach occurs.”

Dave said policies were designed to address the increasingly complex threats that criminals were developing.

“A typical policy would cover key areas such as data recovery, financial compensation, help with reputational damage, and legal support, but it’s important to ensure that the policy you choose suits the specific needs of your individual business.

“In today’s difficult economic climate, you may consider cyber insurance as just another expense – but given the catastrophic financial losses you could face from a ransomware attack, it’s a small price to pay.

“An insurance policy could be the difference between keeping your company running and losing everything.

“Having cover in place will help your business follow cyber security best practices, and by showing that you’re taking ongoing steps to limit the risk of ransomware, you could potentially reduce the insurance premiums over time.”