Mapping out the cyber threat

One of our partner insurers, Zurich Insurance Company, have recently published an excellent article on the cyber threat to UK businesses with some fascinating insight from one of Europe’s leading specialists in cyber crime.

I have extracted some of the more interesting information below but if you’d like to read the article in full, follow the link at the end of this blog.

It is essential for businesses to have a comprehensive risk strategy, which involves human strategies, technology and insurance. And companies should be motivated to continually improve systems and processes that protect their networks and data.

“With car safety, for example, you can reduce the risks – and your premiums – if you are an old driver rather than a young driver and with the size of the car,” said Professor Udo Helmbrecht, Executive Director of the European Union Agency for Network and Information Security, or ENISA, a European Union body that monitors cyber crime.

“This approach could be adopted with cyber security, and you could pay a lot less for your insurance if you have in place things like firewalls, virus protection and business continuity. “And by doing this, the insurance sector would, over time, encourage an increase in IT security levels.”

On both sides of the Atlantic, though, policymakers are busily trying to crack down on cyber crime with various data protection rules mooted, although many of these new regulations are likely to prove onerous to businesses and organisations in the years to come.

With cyber crime, what you can insure for is loss or damage to goods, but there is yet to be an established business case for insuring intellectual property or loss, espionage and other things

And despite the insurance industry slowly approaching something of a critical mass in the cyber security market, more can still be done from governments and insurers alike. Action, though, is beginning to happen. The UK, for instance, is setting up a new cyber unit to defend national security.

But, despite all of this, as long as technology evolves this cyber threat is always likely to be upon us.

http://insider.zurich.co.uk/industry-talking-point/mapping-out-the-cyber-threat/

Macbeth is a specialist Chartered Insurance Broker in this fast developing area with a team of experts that have been advising clients on their cyber and data risks for almost 10 years. If you would like further information on the protection available to your business, call us on 0118 9165 480 or 020 7036 8767. Alternatively, please complete an enquiry form.

 

Author: Tony Gibbs | November 11th, 2013

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Tony Gibbs
Get in touch:   Reading: 0118 916 5480   London: 020 7036 8767   info@macbeths.co.uk