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Petya and WannaCry Highlight Need for Robust Cyber Insurance Cover and Security

By mjackson
cyber insurance

The provision of cyber insurance and robust security procedures are highlighted by the recent global cyber attacks caused by the ransomware programs, WannaCry and Petya, which spread to more than 150 countries. WannaCry alone infected more than an estimated 230,000 computers. Ransomware is one of the most common cyber attacks, accounting for 17 per cent of all security breaches in the United Kingdom in 2016, according to government research. Even worse, an estimated 54 per cent of UK organisations have been the victims of ransomware.

The attack’s effects can be quite severe, causing business disruptions, financial loss, and partial or total loss of data. There can also be ‘slow burn’ costs, including reputational damage, litigation and loss of competitive edge. What’s more, if your business is hit by a cyber attack and criminals breach personal customer data, you’ll have to deal with business disruption and those slow burn costs as well as an Information Commissioner’s Office (ICO) fine. In fact, cyber breach fine amounts are expected to rise significantly after the General Data Protection Regulation (GDPR) comes into force in May of next year.

With the potentially devastating effects and exploitable gaps in cyber defences, robust cyber security and cover is no longer an option, it’s a necessity. To ensure that your organisation is adequately protected from cyber threats, consider implementing the following practices:

  • Update your network security.
  • Install and update anti-virus as well as anti-malware software on all your organisation’s computers.
  • Provide your employees with cyber security training. This should include best practices, such as how to recognise and respond to a cyber attack.

Yet, the most vital component of a solid cyber defence is purchasing comprehensive cyber insurance to ensure that your organisation cannot only sustain but overcome a cyber attack. For more information, contact CIEEM Insurance Services today.