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Cyber security

As a result of their dependence on electronic and network-based systems, businesses are facing a growing risk of cyber crime, while criminals, political activists, terrorist groups and even sovereign states are becoming increasingly sophisticated in their use of technology to pursue their goals. 

A ‘cyber event’ could lead to far more than a loss of data. Physical damage to property, personal injury, theft and even extortion if a company’s IT system is held to ransom by attackers can all be potential consequences of an attack. Companies also need to consider the potential damage to their reputation and customer loyalty.

Many companies believe that their existing insurance arrangements will protect them from the consequences of a cyber event. That is often not the case, however, and is becoming more and more unlikely as insurers become more aware of the risks themselves.

two thirds of uk businesses have been hit by a cyber breach or attack in the past YEARuk government, may 2016
 

It is no surprise, therefore, that companies are now looking closely at the adequacy of their defences.

the global cost of cyber crime annually is set to rise to £2.45 trillion or us$3 trillion by 2021daily telegraph, february 2017


In addition, data protection is becoming even more significant. Two important pieces of legislation are being introduced in Europe, the General Data Protection Regulation Directive (GDPR) and the Network and Information Security directive (NIS). These will have a significant impact on businesses. 

Both of these directives will come into effect before the UK leaves the EU and are likely to remain in place after Brexit. 

a breach of the gdpr could cost a business up to €20 million or 4% of their global turnover, whichever is greatergeneral data protection regulation (gdpr), april 2016


Read our Cyber health check flyer to find out how we can help your business.


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