Protecting Your Retail Business from Cyber Threats
In light of the recent M&S cyberattacks and the increase in high-profile breaches among UK retailers over the past few months, the retail industry is on high alert. At NLIG, we recognise the critical importance of cyber resilience for businesses throughout the retail sector — from local independent businesses to national chains.
Through our membership with Willis Towers Watson Networks, we have outlined below some essential steps your business can take to minimise cyber risk, respond effectively to attacks, and ensure that your insurance provides you with the right protection.
How likely is a Cyberattack — and can you prevent it?
Unfortunately, cyberattacks are no longer a matter of “if”, but “when”.” While you may not be able to prevent all attacks, the National Cyber Security Centre (NCSC) offers best practices to reduce exposure:
- Enable Multi-Factor Authentication (MFA): Adds a critical layer of protection against unauthorised access.
- Improve Monitoring: Watch for irregular login behaviour, particularly for admin accounts.
- Verify Helpdesk Password Resets: Train IT teams to properly verify identities; helpdesks are prime targets for phishing.
- Review High-Privilege Users: Regularly audit access levels for admin accounts to prevent misuse.
- Track Logins from Unusual Sources: Monitor access locations in real-time.
- Revoke Active Sessions Periodically: Reduces long-term exposure from dormant logins.
- Utilise Threat Intelligence Tools: Respond promptly to real-time alerts and suspicious activity.
How to respond if your business is affected by a cyber incident
A cyber incident can lead to significant disruption for your business. That’s why it's essential to have a strong and well-tested Incident Response Plan in place. This could include:
- Definitions of what constitutes a cyber incident
- Protocols for escalation and reporting
- Strategies for containment and recovery
- Communication plans for both internal and external stakeholders
- Procedures for post-incident reviews to improve future responses
Engaging in cyberattack simulations and workshops is also vital for preparing key personnel and effectively testing your organisation’s readiness.
Is your Insurance policy fit for purpose?
Many retailers are unaware of what their current policies actually cover. At NLIG, we can help you review your existing cyber insurance to answer critical questions:
Does it cover ransomware, data breach liability, and business interruption?
Are there exclusions that might limit your cover and ability to claim?
Are limits of indemnity aligned with your potential exposure?
Cyber incidents can result in considerable costs, not only operationally but also in terms of reputation and legal implications. If your limits are too low or your policy is outdated, now is the time to take action.
“Don’t let underinsurance put your business at risk”
Inadequate cover can leave both your balance sheet and your board of directors exposed. Allegations of poor cyber risk management, especially if losses affect customers or shareholders, can result in directors being held personally liable.
Boards are encouraged to stress-test their cyber insurance programmes and risk controls to ensure they are defensible and effective.
We understand every business is different, and understanding your unique cyber risk profile is key.
Our business is your protection. We are here to help retailers navigate cyber challenges with a mix of advice, risk assessment tools, and tailored insurance solutions.
Need help reviewing your cyber insurance or developing a response plan?
📞 Call us on 01992 703 300
📧 Email: insurance@nlig.co.ukinsurance@nlig.co.uk