Virtually all organisations, from commercial businesses and professional service providers, to charities and public sector organisations, rely on Information Technology more than ever before.
It’s highly likely that you and your colleagues depend on technology in order to succeed in a competitive environment. This makes you vulnerable, as the frequency and sophistication of cyber-attacks increases, and the regulatory framework becomes enhanced. Cyber exposures are now more than ever a key consideration for organisations when developing their insurance and risk management strategies.
Who is under threat from Cyber Risks?
Everyone. All organisations who depend on computer networks to operate. From those who rely on automation for logistics or supply chain management to consultancy firms and health care providers responsible for protecting the confidential data that they hold.
The greatest threats are often associated with processing high volumes of personal data and enhanced risk of breaches, resulting in regulatory investigations and fines, damages, and often reputational harm. However all organisations with data are at risk. Those reliant on internet facing systems such as on-line retail or automated manufacturing, are also significantly exposed to loss of income following network interruption.
How can Cyber Risks affect your organisation?
Cyber Risks can result in some far-reaching consequences.
Examples of just some of the potential costs they can cause for your organisation include:
- Liability for damages to a third party due to loss, breach or mishandling of their data
- Liability for damages arising from failure to secure your network
- Defence costs and expenses
- Regulatory investigations and fines due to breach of Data Protection legislation
- Loss of income and additional costs to mitigate the effects of a network interruption including as a result of viruses or hacking which prevents customer transactions
- Responding to an incident including notification costs, access to legal expertise, public relations specialists, IT forensics and credit and ID monitoring services
- Remediation of lost or corrupted data including as a result of a cyber extortion attempt
- Payment Card Industry investigations and fines
Whatever the cause of an incident, the prompt and effective response is likely to be paramount in determining the overall impact and magnitude of costs to your organisation including those resulting from reputational damage.
How can we help?
A full understanding of your unique Cyber Risk profile is crucial in ensuring that the risk solution in place is truly bespoke and provides the best protection for your organisation.
Risk management expertise is at the core of our proposition. Our range of services include our market leading Cyber Maturity Assessment, which focuses on key risk areas to create a solid foundation upon which an insurance and risk management strategy can be established.
Our key areas of capability include the following:
- Incident response
- Third party cyber liability
- Cyber crime including cyber extortion
- Cyber business interruption
We want to hear from you
We would be delighted to discuss any questions you may have on Cyber Risk and Insurance. Please get in touch using any of our contact details below or request a call back and we’ll be happy to contact you at a convenient time.
How do I assess my organisation's level of Cyber Risk?
Griffiths & Armour will once again be sending a team to MIPIM in Cannes, France from the 13th - 16th March 2018… (read more)
Contractor Insolvency is a risk to all projects, and has been emphasised through recent events with Carillion… (read more)
Latent Defects Insurance (LDI) is regularly mistaken solely as an unnecessary additional cost to the project. We frequently… (read more)