How real is the threat of a cyber-attack?

How worried are other businesses about a cyber-attack? And what can you do to prevent one?

A recent report by Vanta (a trust management platform) showed that 53% of organisations say cyber-security threats are their number one concern.

They surveyed 2,500 IT and business leaders from the UK, US and Australia and found:

• 55% of organisations feel the risks have never been higher
• 53% of organisations say cyber-security threats are their number one concern
• On average, companies spend around 11% of their IT budget on security
• Companies are more worried about cyber risks than about financial and operational risks

So the fear is real. But the same report found that on average, companies only spend around 11% of their IT budget on security. So the fear isn’t translating into action.

This is true for Cyber Insurance too. We hear lots of people saying they’re worried about a cyber-attack but lots of business still don’t have Cyber Insurance.

“Cyber-crime still feels like the thing that happens to someone else. But it’s more common than you think. It’s why we strongly recommend cyber insurance, even if you don’t arrange it through us” Theo Pastuch, Client Director, Macbeth

So how likely is a cyber attack?

Well, 50% of the organisations surveyed by Vanta, reported detecting and responding to cyber-security threats at least once a week.

46% per cent of organisations said one of their suppliers had experienced a data breach since working together. And one in two (50%) businesses say they have terminated a relationship due to security concerns.

51% of organisations were concerned about the risks from AI. And 11% of organisations have decreased their investment in cyber-security staff because of budget constraints and talent shortages.

So the fear is high and the risk is high – what about prevention?

This is where there’s a gap. Only 11% of IT budgets are earmarked for cyber-security even though 65% of organisations said that customers, suppliers and investors are now asking for more proof of security compliance.

According to Vanta, outdated processes and manual IT updates are the biggest risks. Their top recommendations for prevention include automating key workflows, adopting a zero-trust security model and continuously monitoring security and compliance. You can also read our 7 hacks to stop the hackers blog here.

Cyber Insurance can also help protect organisations financially from the devastating consequences of cyber-threats. We believe it’s a must-have insurance. And we feel so strongly about that, we’ll give you advice even if you don’t choose us as your broker.

Want to reduce your cyber risk?

Call 0118 923 5090 and ask for Theo, James or Suzanne

Or

Take our FREE cyber quiz and get a personalised report to reduce your cyber risk.