There is often the misconception that cyber risk is a case only affecting those in IT when in reality, it can have an affect on businesses of every nature. Learn more about cyber risks and the impact it could have on your organisation.
Cyber risk can be defined as the risk connected to activity online, internet trading, electronic systems and technological networks, as well as storage of personal data.
The most common cyber risks include:
loss of data
unauthorised system access
As the use of technology becomes increasingly prevalent in the business environment, the occurrence of cyber risk continues to rise; and just last year, Government statistics revealed that a staggering 81% of large businesses and 60% of small businesses suffered a cyber security breach.
Such high statistics can be credited to the misconception that surrounds the topic. High-profile cases such as the Russian gang that targeted the British banks has led many organisations to believe that cyber risk is reserved only for large corporations, or for those in IT. Subsequently, cyber risk remains a grey area.
However, it is important to clarify that any organisation involved with online data and the web is exposed to cyber risk, regardless of size or sector.
The aftermath of cyber risk not only has a negative impact on the organisation’s finances but their reputation too, as they begin to lose the trust of their customers. Yet, despite the adverse consequences, research by Allianz revealed that cyber risk is the top risk for which businesses are least prepared for.
At WRS, we work closely with our Clients to educate them on the nature of cyber risk and also advise them on the appropriate cover to suit their specific challenges.
If you would like to discuss the types of cyber insurance available for your organisation, then please contact a member of the team on 01206 760780