We understand communication is critical to combating cyber threats. Our risk management communication team work alongside our insurance and risk colleagues to develop tailored strategies addressing the unique needs of each client.
In recent months, leading retailers have faced a wave of cyber-attacks, underscoring the vulnerability of businesses in today's digital age. These attacks, particularly those targeting supply chains, have the potential to disrupt operations and cause significant financial losses. News of the devastating impact of soiled and wasted chilled products, customer data being compromised and ransomware incidents, not only impacts the bottom line financially but the environment, people and society.It cannot be underestimated the ongoing and negative impact cyber-attacks have on everyone.
With innovation comes risk
With the growing reliance on technology, automation and digital innovation, organisations face an ever-evolving landscape of cyber threats. From sophisticated phishing schemes to ransomware attacks, the potential for cyber breaches is a constant concern for organisations of all sizes. As technology advances, so do the tactics of cybercriminals, making it vitally important for all to adopt robust cybersecurity measures. Among these measures, effective employee communication stands out as a critical line of defence.
According to IBM's Cost of Data Breach Report1, the average cost of a data breach is estimated at $4.45 million (£3.32 million) and without adequate processes, policies and structures in place these attacks can cripple a company. As cyber threats become increasingly sophisticated, businesses must adopt comprehensive strategies to safeguard their assets, their people and their customers.
At Gallagher, we are at the forefront of risk management communication, offering solutions that not only mitigate cyber risks but also engage and empower employees to act as the first line of defence.
The escalating threat of cyber attacks
Cybercrime is a growing concern, with recent statistics indicating the global cost of cybercrime could reach $10.5 trillion annually by 20252, up from $3 trillion in 2015. This makes it one of the largest economic threats globally.
The alarming numbers highlight the urgent need for employers to strengthen their cybersecurity efforts and measures. While technological defences such as firewalls and antivirus software are crucial, they're not infallible. Human error remains a significant vulnerability, making effective employee communication a critical component of any cybersecurity strategy.
Gallagher's approach to cyber risk management
We understand communication is critical to combating cyber threats. Our risk management communication team work alongside our insurance and risk colleagues to develop tailored strategies addressing the unique needs of each client.
We offer comprehensive cyber risk management solutions that include:
Raising awareness and educating employees
A survey by the Department for Digital, Culture, Media and Sport (DCMS)3 in 2023 found that only 39% of UK businesses have a formal cybersecurity strategy in place.
Effective communication is essential for raising awareness about cybersecurity threats. Regular updates and training sessions ensure employees are informed about the latest tactics used by cybercriminals. By educating your workforce on how to recognise phishing emails, suspicious links and other common threats, you can significantly reduce the risk of successful attacks.
Establishing clear policies and procedures
Clear communication of cybersecurity policies and procedures is vital for ensuring employees understand their roles in protecting company data. We work with organisations to develop guidelines on password management, data handling and the use of personal devices for work purposes. When employees are well-informed, they're more likely to adhere to these policies, reducing the likelihood of accidental breaches.
Encouraging incident reporting and transparency
Open communication channels for reporting potential security incidents are crucial for quick response and mitigation. Organisations need to foster a culture of transparency and trust and encourage employees to report any unusual activity without fear of repercussions. This approach leads to faster identification and resolution of potential threats, minimising damage to the organisation.
Continuous training
Regular training sessions and simulations reinforce communication about cybersecurity. We design activities that help employees practice responding to threats and understand their role in maintaining security. By simulating real-world scenarios, businesses can prepare employees to act swiftly and effectively in the event of an actual cyber-attack.
Building a security-conscious culture
Effective communication fosters a culture of security within the organisation. Our strategies ensure employees understand the importance of cybersecurity and feel responsible for it. This cultural shift transforms employees from potential vulnerabilities into active defenders against cyber threats.
Feedback and continuous improvement
We establish feedback mechanisms allowing employees to share their experiences and suggestions regarding cybersecurity measures. This leads to improvements in security protocols and employee engagement. By listening to employees and adapting strategies based on their feedback, employers can create a more resilient cybersecurity framework.
Partnering with Gallagher
As cybersecurity threats continue to evolve, the importance of employee communication in combating these threats cannot be overstated. Gallagher is committed to empowering organisations to navigate the cyber threat landscape with confidence. Our comprehensive risk management communication solutions ensure your workforce is equipped to protect your most valuable asset, your people.
Contact us today to discuss how we can support your risk management communication needs.
Together, we can build a safer, more secure future for your organisation.
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