We live and work in a world where cybercrime can no longer be regarded as something that happens to other people, other businesses, and other organisations. The reality is that no person or business is immune from a cyber-attack or data breach—whether due to criminal intent or employee error.
There has been a notable rise in cyber-related claims in recent years, driven by the growth of the cyber insurance market but also by the rise in incidents such as data breaches, distributed denial of service attacks, phishing campaigns, and increasingly, ransomware events which are becoming the dominant cause of losses.
While cyber insurance can offer some protection from the financial consequences of a cyber incident, it is just one element of an effective Cyber Risk Management programme. Taking a proactive approach to cyber risk is becoming increasingly important for organisations of all sizes, not only to protect themselves and their clients, but also to secure specialist cyber cover in an increasingly challenging insurance market.
To find out more about how the Cyber Risk Management Practice can support and protect your business please contact: