The Business Continuity Institute has recently published its Cyber Resilience Report. The report which sourced data from 369 respondents across 61 countries highlighted that 66% of those polled experienced at least one cyber incident in the past twelve months.
The report also highlights the most significant causes of cyber disruption, the top five of which may be summarised as follows:
- Phishing and social engineering.
- Spear phishing attacks.
- Denial of service.
- Out-of-date software.
Other key findings included:
- 19% of businesses take 4 hours or more to respond to cyber incidents after discovery.
- 55% of businesses reported senior management commitment to cyber resilience.
- 75% of businesses have business continuity arrangements related to cyber incidents.
- 19% of businesses do not validate their plans for cyber incidents.
The BCI Cyber Resilience Report offers an excellent insight into cyber disruptions due to its focus on practitioners who work in the area. It also demonstrates how cyber security links with business continuity. The report also offers opportunities for professionals in this space to work together in building overall organizational resilience.
The BCI concludes its report by highlighting 4 key takeaways from this research;
- The ‘human factor’ remains crucial in building cyber resilience.
- Collaboration among management disciplines is essential in furthering cyber security which contributes to organizational resilience.
- Validation is key in building a robust business continuity and security capabilities.
- Leadership must drive the cyber resilience agenda. Top management commitment is seen as one of the key drivers of furthering efforts in cyber resilience.
At Griffiths & Armour, we understand the potential impact of criminal activity on a business, especially with the increased reliance on technology as a cornerstone of a client’s business operations.
That is why we recommend many of our clients give serious consideration to adding Cyber Liability to their existing covers if they have not already done so. High profile cyber-attacks on international brands tend to make the headlines however a staggering 60% of UK’s small and medium sized businesses suffered a cyber security breach in 2014.
Cyber-attacks pose a potentially devastating threat to a business, with the cost of a data breach estimated at £103 per record. Traditional insurance products do not cover these risks, as they require there to be a physical loss for cover to respond. By adding the Cyber liability to your current policy, you obtain protection from financial losses associated with a Cyber breach, including notification costs, business interruption, civil fines & penalties (unless uninsurable by law), data liability, and remediation costs.
If you would like to find out more on Cyber threats or the appropriate cover to protect your organization or business, click here to request a call back and a member of our specialist Technology and Cyber team will get in touch very soon.