In The Age of Risk, Cyber Security Is The Leading Concern

Cyber security has emerged as the most pressing exposure for business confronting a new “age of risk,” more than the coronavirus pandemic and climate change. 

This is largely because cyber crime is so pervasive, according to Dan Glaser, the the CEO of the leading insurance broker Marsh & McLennan. “For most large multinational companies, cyber may not have been their largest exposure pre-COVID, but it’s certainly their biggest exposure now,” 

The lockdown brought in to fight the Covid-19 pandemic has seen companies become much more reliant on decentralised  systems than ever before,  something many of them were not prepared for and increasing the risk of  exposure to cyber attacks. 

As criminals targeted companies involved in the UK’s coronavirus response, experts have warned that organisations are likely to be targeted by hackers more than ever, as they seek to exploit the chaos of the on-going crisis. Small businesses are just as at risk from cyber security threats as large enterprises.

A common misconception for small businesses is the idea of security through obscurity, that your business is too small to be a target, but this is not the case. As attackers increasingly automate attacks, it’s easy for them to target hundreds, if not thousands of small businesses at once. 

  • Small business often has less stringent technological defences, less awareness of threats and less time and resource to put into cybersecurity. This makes them an easier target for hackers than bigger organisations. 
  • Cyber risk also is difficult for companies to deal with conclusively.
  • Cultural shifts caused by technology are another top risk. Digital capabilities are “table stakes” for insurers to grow, be efficient and “delight” customers.  According to Glaser, robotics, remote working and artificial intelligence will have dramatic impact on the workplace and on culture and corporate culture is one of these risks

A recent report by Marsh & McLennan unit Oliver Wyman predicted at least another year of disruption from the pandemic, despite recent news about vaccine development. 

Ransomware also poses a very serious malware threat to small and medium-sized businesses (SMEs), cloud cyber security provider Datto has found. Datto's fifth annual Global State of the Channel Ransomware Report, which surveyed more than 1,000 Managed Service Providers (MSPs) on trends driving ransomware breaches, as well as the impact the virus has had on SME security. 

According to the findings, 60% of MSPs reported that their SME clients have been hit as of Q3 2020, with the average cost of downtime now 94% greater than last year. The figure was also found to be six times greater than 2018, increasing from $46,000 to $274,000. 

Even though cyber criminal activity is inevitable, organisations that use this opportunity to implement strong, secure and flexible cyber security practices will find themselves on solid footing to face the known threats of today and the unknown threats of the post-COVID world. 

Insurance Journal:       Expert Insights:        MalaylMail:        ChannelPro:      Brink News:     Consultancy:

For business specific cyber security audit and opportunity information and cyber security training recommendations please contact Cyber Security Intelligence.

You Might Also Read: 

Cyber Threats Are The Top Insurance Risk:

 

« Russian Hackers Lured With Honeypots
We Live In A Transient Internet »

CyberSecurity Jobsite
Check Point

Directory of Suppliers

CYRIN

CYRIN

CYRIN® Cyber Range. Real Tools, Real Attacks, Real Scenarios. See why leading educational institutions and companies in the U.S. have begun to adopt the CYRIN® system.

Practice Labs

Practice Labs

Practice Labs is an IT competency hub, where live-lab environments give access to real equipment for hands-on practice of essential cybersecurity skills.

Syxsense

Syxsense

Syxsense brings together endpoint management and security for greater efficiency and collaboration between IT management and security teams.

TÜV SÜD Academy UK

TÜV SÜD Academy UK

TÜV SÜD offers expert-led cybersecurity training to help organisations safeguard their operations and data.

XYPRO Technology

XYPRO Technology

XYPRO is the market leader in HPE Non-Stop Security, Risk Management and Compliance.

Wall Street Technology Association (WSTA)

Wall Street Technology Association (WSTA)

The Wall Street Technology Association (WSTA) provides financial industry technology professionals with forums to learn from and connect with each other.

Parasoft

Parasoft

Parasoft is an independent software testing and software quality assurance tool and solution vendor.

British Insurance Brokers’ Association (BIBA)

British Insurance Brokers’ Association (BIBA)

BIBA is the UK’s leading general insurance intermediary organisation. Use the ‘Find Insurance‘ section of the BIBA website to find providers of cyber risk insurance in the UK.

CERT-UG/CC

CERT-UG/CC

CERT-UG/CC is the national Computer Emergency Response Team for Uganda, operating under the National Information Technology Authority (NITA-U)

BPC Banking Technologies

BPC Banking Technologies

BPC’s advanced fraud prevention solution helps card issuers and acquirers combat the growing threat by monitoring 100% of transactions, online, in real-time across all channels.

Neoteric Networks

Neoteric Networks

We deliver a no nonsense procedure to implementing technology. The technology selection process ensures that all customers enjoy an engineered methodology implementing technology.

Magtech Solutions

Magtech Solutions

Magtech Solutions is a one-stop IT Solutions provider offering Cloud Computing, IT Security, Unified Email Solutions and ERP systems.

InfoExpress

InfoExpress

InfoExpress provides network security solutions that enhance productivity and security through better visibility, improved security, and automating device and mobile access to the network.

OriginalMy

OriginalMy

OriginalMy is a cybersecurity startup, focussed on digital governance and information authentication. Its mission is to prove authenticity using state-of-the-art cryptography and blockchain technology

Scarlett Cybersecurity

Scarlett Cybersecurity

Scarlett Cybersecurity provide cybersecurity services to US private and public organizations with specific emphasis on compliance and cybersecurity incident prevention, detection, and response.

Safetech Innovations

Safetech Innovations

Safetech Innovations is a team of cyber security experts, always at your service. We use human and cyber intelligence to help your business in uncertain times.

Support Link Technologies (SLT)

Support Link Technologies (SLT)

Support Link Technologies are an IT Solutions Company committed to achieving customer satisfaction through excellent customer service.

SecAlliance

SecAlliance

SecAlliance is a cyber threat intelligence product and services company.

Seven AI

Seven AI

Seven AI develops cyber security software designed to identify online threats.

Internet Watch Foundation (IWF)

Internet Watch Foundation (IWF)

Since the early days of the internet, our job has been to help child victims of sexual abuse by hunting down and removing any online record of the abuse.

Inveo Group

Inveo Group

Inveo group is the Italian leader for the management of privacy and data protection issues.