A common mistake many organisations make is to leave responsibility for managing cyber risk to the IT department. In reality, improving cyber security and cyber resilience is an enterprise-wide challenge, which requires buy-in from every employee. Organisations’ potential exposure to cyber risk has increased significantly over the last 18 months. The COVID-19 pandemic has seen many organisations accelerate the digitalisation of their processes so that they can connect with their employees, consumers, suppliers and other stakeholders digitally. Not only does this mean they are becoming … [Read more...]
Cyber resilience before cyber insurance
Resilience is the measure of how readily an organisation can carry on in the face of disruption or a changing environment. And nothing tested the operational resilience of organisations more than the recent Covid-19 pandemic. The portion of businesses buying cyber insurance reportedly doubled in 2020. Unfortunately, the very same factors that led to this rush to buy, have also led to a change in the dynamics of the cyber insurance market. More cyber criminals are being drawn into the space by increasingly lucrative earnings, and this has led to a rise in frequency of claims. At the same time, … [Read more...]
Cyber vulnerability: Log4j update and actions
Recently, a severe vulnerability has been identified in Log4j which is a piece of software widely used by applications and other services across the internet. You may have heard about this in the news or read about it online. What does it mean for you and your business? The vulnerability means businesses can be exposed to cyber attacks so it’s important that your IT team or outsource service provider take action to identify if your systems are at risk. The National Cyber Security Centre (NCSC) has issued some advice and guidance on fixing the issue here. It may not be immediately clear … [Read more...]
Four simple steps to enhance your cyber protection
The threat of a cyber attack remains one of the biggest potential risks for UK business owners. Taking these small steps will help ensure that your business is protected. This has been reproduced with the permission of Beazley Group PLC. … [Read more...]
Lack of Cyber Cover Leaves SME’s Exposed to Attacks
86% of SMEs do not have any cyber insurance in place according to a recent survey by Aviva. This lack of insurance protection comes at a time of rapid digitisation, with statistics showing that 41% of SMEs updated their website in response to the pandemic while 39% moved online or improved their online offering. 96% of those businesses that made changes confirmed they would keep their online developments, yet only 11% had updated their cyber cover. In the report, Aviva states that the pandemic has accelerated digital adoption across all businesses, meaning cyber insurance has … [Read more...]