Following on from last week’s blog post on managing your business cyber risks, this week’s article looks at how to mitigate against those risks. While it may seem like a cyber-attack is an eventuality rather than a possibility, it is essential that your business is ready. This blog post gives you some simple practices to implement in your business.
All businesses are faced with many digital threats and shifting economic positions, and so far, 2017 has been no different. A recent industry study identified that the most worrisome areas that many businesses face are cyber incidents and business interruptions. Unsurprisingly both of these areas cam be insured should an attack occur.
With just over eight months until the EU General Data Protection Regulation (GDPR) is introduced, businesses need to ensure they are compliant, or risk facing significant fines. The new rules are being introduced to create a uniform set of data protection rules for all EU member states, and all organisations trading in the EU.
Professional IT Solutions firm, Ultima, revealed that two-thirds of UK organisations have not provided their staff with sufficient cyber security training. Furthermore, half of those surveyed said they are not prepared for a cyber attack, and if an attack occurred, they have no cyber insurance or recovery plan in place.
The 25th May 2018 sees the introduction of the EU’s new data protection reform; the EU General Data Protection Regulation (GDPR). The new rules will update and replace previous data protection acts, and will enable the general public to better control their personal data, regardless of where it is sent, stored and processed.
In 2015, the UK was one of the most active regions for regulatory data privacy enforcement actions; yet last year there were thirty-five data breach fines, totalling £3,245,500. With significant changes to privacy laws due on 25th May 2018, many UK organisations risk increasing fines if they fail to protect themselves from cyber hackers.
As technology continues to become more advanced and accessible in our daily lives, the need for additional security levels continues to grow. While many people use technology to advance their businesses, some fraudsters see it as a money-making opportunity to exploit vulnerable systems and only restore them in retun for cash.
They say bad luck comes in threes. This was certaintly the case for credit reporting agency, Equifax, this Summer. The American firm is one of the latest organisations to be victim of a cyber attack, where hackers gained access to records of 142 million people from the US, Canada and Great Britain.
Many SMEs are being warned of the fines being introduced with the General Data Protection Regulation (GDPR) in 2018. SME business, Boomerang Video, were hit by a cyber attack on their website in 2014; resulting in a £60,000 fine from the Information Commissioner. Had they made efforts to protect customer data, it may have been avoided.
UK businesses are being urged to protect their confidential business data after an increase of 52% in the number of cyber attacks in the second quarter of 2017 compared to the first. With the number of cyber attacks on the rise, businesses are advised to protect themselves with cyber insurance.
In light of the recent international ransomware attacks, it is clear the level of destruction that cyber attacks can have on a business or organisation. Over 250,000 computers in 150 countries were disrupted by the ransom malware. But why does it take this level of cyber attack for business bosses to take notice and start preparing for cyber threats?
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