Cyber risk is not ‘just’ a technical issue but a business risk that threatens all parts of the organisation and therefore needs to be dealt with at a boardroom level.
In an age where information can travel instantly around the globe it is increasingly challenging to protect a company’s reputation, particularly in the case of consumer focused brands.
Data is a hugely valuable resource for any business, particularly since the pandemic has accelerated the digitalisation of the economy and reduced personal interaction. Whilst the smart use of data can offer great growth opportunities for businesses it needs to happen in a controlled manner to avoid lawsuits, regulatory fines and reputational damage.
As cyber claims costs are on the rise, policyholders need to enhance security measures and protocols to protect their systems and data in order to secure appropriate insurance protection at renewal.
A company's fixed assets such as laptops, plant and equipment are usually secured, guarded and insured. While this remains important, intangible assets such as brands, confidential information, or patents are usually much more valuable, but also more difficult to protect.
Global headlines are peppered with stories of hacks, data breaches or ransomware attacks impacting large organisations. This creates the false impression that small firms are less at risk.
A recent Supreme Court decision regarding supermarket chain Morrisons has attracted much attention as it clarifies the conditions under which a company is not responsible for an employee that goes rogue.