Are companies doing enough to protect their cyber security? This year’s survey by Marsh says “absolutely not”.

cyber security padlock

Microsoft Corp is the leading platform and productivity company in the world. Yet a recent report published by Marsh, the world’s leading insurance broker and risk adviser, showed just how much the cloud-giants are struggling to concentrate on cyber risk issues.

Marsh published a report earlier this month which showed that a majority of board members and senior executives at Microsoft Corp had less than a day in the last year to spend focused on risks to their cyber security.

Microsoft Corp are not alone in making their cyber security a poor priority

Concern over cyber threats has hit an all-time high, with nearly 80 per cent of organisations now ranking cyber risk as a top-five concern. Yet the people responsible for their organisation’s cyber risk management can only find a few days to focus on their ability to assess cyber threats, prevent cyber-attacks, and respond effectively.

New technologies are bringing new, sophisticated risks

What is causing this rise in cyber threats?

As organisations continue to embrace new technologies, they increase their cyber security risks. There’s a rise in the sophistication of these threats too, with sophisticated schemes having the ability disrupt entire businesses, industries, supply chains and nations. The results are truly devastating.

Technology statistics: 77 per cent of respondents said they are adopting or have adopted cloud computing, robotics, or artificial intelligence, yet only 36 per cent say they evaluate cyber risk both before and after adoption. A worrying 11 per cent don’t evaluate the risk at all.

This lack of action flies in the face of an organisation’s duty to perform a data protection impact assessment (DPIA) BEFORE any system or process which may affect the fundamental rights and freedoms of individuals is introduced, as mandated by the GDPR’s Privacy By Design requirements.

It’s becoming clear that the cyber risk management practices and mindsets of yesterday no longer suffice. With new technologies bringing new threats, can you afford to ignore the rising risks?

Protect your company, your clients and your reputation

The good news is that cyber insurance coverage is expanding to meet these evolving threats, and attitudes toward policies are shifting too. A key consideration from the Court of Appeal in the ongoing Morrisons case regarding vicarious liability was the availability of insurance.

Improving knowledge around cyber security is more critical than ever before, but companies simply, and understandably, don’t have the time to do so. This is where Griffin House Consultancy can help you. We have the expertise, the time and the knowledge to help protect you from these risks. We can deliver stronger protection.

For more information about how to better protect your organisation from these threats, get in touch with our specialists on 01673 88 55 33.

Sources:

Overview of the Marsh-Microsoft 2019 Global Cyber Risk Perception survey results
Business Leaders Have Less Than a Day a Year to Focus on Cyber Risk: Marsh, Microsoft Survey
Global Cyber Risk Perception Survey Report 2019

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