Organisations around the world are taking more innovative approaches to managing threats in today’s digital era. Successful businesses understand that an investment in cybersecurity can foster innovation, enable business growth, and fuel competitive advantage.
However, despite a 56% rise in boardroom ownership of cyber risk, many UK firms are still failing to properly conduct or estimate the full financial impact of a cyber-attack. Although cyberspace offers many opportunities, it is an environment that can have many unknown threats and leave you with many business challenges. Organisations must adapt and rapidly respond. Those that are informed and prepared for change will go a long way to securing their future.
This coming year, I’ll be focusing my blogs on ways we can continue to protect ourselves from the ever-present cyber threat. Today, I have identified three themes I believe will greatly impact 2017 when it comes to protecting your business:
- Disruption divides and conquers: Innovation is bringing new opportunities for business, but also malicious actors that seek to disrupt your operations.
- Complexity conceals vulnerability: A cyberspace congested with people and devices is becoming more complex, exposing the vulnerability of your underlying infrastructure.
- Complacency will cost you: Organisations are too complacent, paying insufficient attention to threats concealed by international borders.
It’s encouraging to see organisations boosting their security investment as a result of digitisation, and leveraging their security and privacy programs as a way to enable business growth. But as technology reshapes cybersecurity and privacy models, one fact remains constant; organisations that ignore the basics of cybersecurity - such as employee training, up-to-date policies and controls, and a commitment to readiness and resilience - will be ill prepared to manage the simplest attacks and not see the more complex incidents coming at all.
I believe cyber risk will continue to be a major factor for both individuals and companies, and I look forward to sharing my experience in identifying and mitigating technology-led risks and trends during the year ahead.
Matt Sumpter, Underwriting Manager - Technology and Cyber Risks at CNA Hardy
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