11th April 2022

Protecting you and your business from cybercrime this year

We all understand the benefits of insuring our homes, possessions, cars and even our phones – but are you and your business insured against cybercrime?

A leading consumer credit reporting organisation has offered predictions about 2022’s top five cyber threats.*

As consumers, digital identity theft and retail fraud are the two main cyber threats facing us this year:

Digital identity theft

Digital identity theft is the cybercrime most likely to affect us. It is estimated that over 500 identities are stolen every day in the UK.

We have welcomed the convenience of swiping to ‘buy with one click’, the speed of password-free online experiences and the ease of being able to make real-time payments from our phones. But anyone with an online presence can be a victim of online identity theft.

Retail fraud

Product shortages and price increases are expected to contribute to retail fraud this year. When products are either unavailable or overly expensive, we can be tempted to look beyond our usual selection of retailers. But, when buying from companies we are not familiar with, we become more susceptible to being duped by online scams. Fake positive reviews can be very convincing and, if shoppers fail to verify the authenticity of a business, they are at risk of parting with their hard-earned money and receiving nothing in return.

In the business world, deep fake synthetic identity fraud, fraud-as-a-service and ransomware attacks are three of the most disruptive types of cybercrime we may face this year:

Deep fake synthetic identity fraud

Last year saw a rise in artificial intelligence being able to impersonate customers’ voices and faces, making it difficult for businesses to verify identities. This type of cybercrime is set to increase in 2022.


Banks around the world have begun to see a trend of fraudsters purchasing bots to contact their customers and retrieve one-time passwords. In 2022, this type of cybercrime is expected to affect a diverse range of organisations, from retail businesses to government organisations. 

Ransomware attacks

Data held by a business is now a prime target for cybercriminals. As populations continue to host more and more types of data online, private information such as banking details, employment files and medical records will become increasingly susceptible to widespread and sophisticated ransomware attacks.

Talk to us today about the best insurance policies to cover yourself and your business against the most common cyber threats this year.


To learn more about how a cyber insurance policy can help protect your data, Contact us today.

W B Baxter Ltd,
263 Cranbrook Road,
Ilford, Essex,

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