Today’s business environment moves at a rapid pace with a growing reliance on technology, social media and the internet to manage costs and maintain market advantage. This brings with it emerging risks that could result in lost revenue, business down time and a host of unforeseen costs and legal liabilities.
32% of businesses in the UK are more concerned about the threat of cyber crime and data loss now than they were just six months ago1. Undoubtedly this has been exacerbated by high profile viruses such ‘Heartbleed’ and well publicised cyber attacks against institutions like JP Morgan and brands like Tesco.
With the cost of cyber crime estimated to be in the region of £27 billion a year in the UK2, what can businesses do to protect themselves? In the following report, we consider the various forms of data breach, which businesses are more susceptible and provide practical risk management advice. We also consider the changing legal landscape and what this will mean for companies. Finally, we provide a guide to the insurance cover available and how this can be evaluated to ensure that businesses have the most appropriate level of protection.
Portfolio Manager TMT