Business Resilience: The Importance of a Cyber Security Policy
In today's digital landscape, the threat of cyber-attacks looms large for businesses of all sizes, with 96% of all attacks being targeted at SMEs.
Despite the critical protection cyber insurance offers, uptake remains minimal, leaving many UK businesses vulnerable to potentially devastating breaches. The Allianz Risk Barometer report of 16th January 2024 once again highlighted that cyber incidents ranging from ransomware attacks to data breaches were the most worrying risk to all small, mid-sized and large companies.
With the resurgence of ransomware losses in recent years and the rapid evolution of cyber threats, staying informed and proactive is paramount. Cyber criminals continually innovate and up their game, using new technologies like AI to automate and intensify their assaults. Cyber-attacks also rely on poor security, particularly when it comes to targeting mobile devices, and the massive shortage of cyber security professionals out there exacerbates those risks, particularly for smaller enterprises reliant on IT outsourcing.
Businesses of all sizes cannot afford to have any misconceptions about their vulnerability. The fact is that SMEs are lucrative targets for would-be attackers seeking to exploit weaknesses in cyber security.
The impacts of a cyber attack
The repercussions of a cyber-attack can be severe, ranging from financial losses to operational disruptions. Businesses may suffer monetary damages, incur expenses for implementing after-the-event security measures, lose valuable data and experience a frustrating downtime that hampers productivity. Only the comprehensive adoption of robust cyber security insurance policies can mitigate all of these risks, reducing potential damages and building your business’s resilience in the face of threats.The benefits of a cyber security policy
- Cost reduction
- Reputation protection
- Employee training
- Legal compliance
- Quicker recovery
- Data protection
- Business continuity
- Continuous improvement
Read more blogs from Ascend:
Cyber security and educating your employees The unseen threat of social engineeringAny questions? Please don’t hesitate to contact one of our team.
matthew.collins@ascendbroking.co.uk | Telephone: 01245 449 060
Contribution: Allianz Insurance company
Matthew has 35 years broking and underwriting experience, both as part of the management team at an award-winning independent broker, as National Broking Director and UK Board member at Oval Insurance Broking and as Market Management Director at Arthur J Gallagher.
Matthew is a well-known figure within the insurance market, and, with his experience and connections, our clients benefit by being able to access specialist insurers at reduced distribution costs.
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