Cyber Insurance & Business – Essential as Wi-Fi | CyberSecuritySpeak

Racepoint Global

Written by: Sophie McGinness – Client Coordinator, Racepoint Global London

Insurance. It’s not particularly glamorous but it is important. That’s why every business has insurance against its most valuable assets: staff, stock, building and vehicles where relevant. It would follow then that if data is the new gold, businesses should be insuring that too.

Yet, according to recent research from Ovum that’s far from the case with only 38 percent of UK firms being insured across all cyber threats. For context, the average cost of a data breach for large business is up to £1.5 million without even considering the reputational damage.

Cybercrime continues to grow and is seemingly becoming more difficult to prosecute too. The landscape is such that organisations should be looking at whatever means they can to mitigate the heightened risk. It would seem that while awareness of cybersecurity is at an all-time high, thanks to GDPR and the constant news cycle of breaches and hacks, that there isn’t an understanding of the full risks or responsibilities to match.

The ecosystem around cybersecurity is only set to grow and deepen in the coming months and years, with new services for businesses and consumers alike. Cyber insurance, while by no means new, is likely to be one of those areas which stands to benefit the most. For these ancillary service providers they need to find a way to create messaging that builds on the work of the cybersecurity firms. Doing so will be fundamental to driving demand for their solutions.

News Round-up

The Independent

Facebook and Twitter Uncover ‘Coordinated’ Global Misinformation Operations on Unprecedented Scale
Technology experts at leading social networks have uncovered a vast misinformation campaign attempting to spread stories on an unprecedented scale.

London Loves Business

Hacking prosecutions fall for a further year despite the threat of cybercrime

The number of prosecutions under the UK’s Computer Misuse Act in 2017, which covers unauthorised access to computer material, fell to 47 in 2017, down 18 percent from 57 in 2016.

BBC

Superdrug’s online customers targeted by criminals

Superdrug reports that 20,000 customer details have been stolen with hackers trying to extort a ransom from the UK retail chain.

Sky News

Microsoft disrupts Russian attempt to interfere in US midterm elections

High-profile conservative groups are being targeted by Russian hackers in attacks reminiscent of the 2016 presidential elections.

The Actuary

UK firms ahead of the curve for cyber insurance uptake