Friday 5 June 2015

Cyber Security Breach Levels Increase (again)…

Cyber Security breach levels have risen again with 90% of large organisations and 74% of small businesses experiencing breaches in the past year. These numbers are up on last years of 81% and 60% respectively.

69% of large organisations and 38% of small organisations reported attacks by unauthorised outsiders.

The actual cost of a breach continues to soar with the average cost for a large organisation somewhere between £1.46m-£3.14m and £75k-£311k for small businesses.

Rather alarmingly just 39% of large organisations and 27% of small business have Cyber Liability Insurance in place.

To put this into context, the number of security breaches is increasing, the cost of the breaches is doubling, but fewer businesses and organisations are taking out a policy which would cover the costs following these attacks!

Cyber Liability Insurance is much the same as with normal business insurance. There is an up-front cost attached that might never be recouped, but this is a mere fraction of the cost that could be incurred following a breach.

Don’t be on the wrong side of the statistics, to find out how best to protect your business contact your insurance provider to discuss the policies available to you.

Edit 
18.09.15

It is anticipated that changes to the EU Data Protection Regulations will be finalised by the end of 2015. The Regulations are wide ranging and much needed, particularly in light of the recent Ashley Madison breach (who are unsurprisingly now being sued in an attempted class action). A key area of the proposed changes is that any data breach will need to be notified to the relevant data protection authority. Computer Weekly have produced a decent guide which tells you more.

Remember: The consequential costs incurred following a breach, can be insured! 

*All facts and figures sourced from HM Government 2015 Information Security Breaches Survey available here: http://www.pwc.co.uk/assets/pdf/2015-isbs-executive-summary-02.pdf


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