92% of business suffered a cyber security breach in the last five years
According to Lloyd’s recently published report on Cyber Risk, 92% of European companies surveyed (with revenues of €250m or more) have all suffered data breaches.
Lloyd’s Chief Executive, Inga Beale, believes the results should serve as a warning that firms may still be too complacent as regards how they are prepared for a cyber risk incident and what the implications of one could be for their business.
“It is clear that too many firms do not believe that the dangers of a breach will severely impact them.” Inga said. “I’m afraid we no longer live in a world where you can prevent breaches taking place, instead it is about how you manage them and what measures you have in place to protect your business and importantly, your customers. As recent events have shown, hard-earned reputations can be lost in a flash if you do not have the correct plans in place.”
Several executive leaders have spoken out in recent months about how Cyber has risen to the be a key boardroom agenda. Drew Del Matto, CFO of leading security vendor Fortinet, recently talked about how if stewardship is really about the protection and oversight of a company’s assets, both tangible and intangible, then “security needs to be a central pillar of that stewardship”.
Key points of the Lloyd’s Cyber Survey
Key points highlighted by the survey by Lloyd’s include:
• 92% of business suffered a cyber security breach in the last five years
• However only 42% are concerned another breach will happen in the future
• Only 13% of businesses believe they could lose customers in the event of a breach
• Although 97% of respondents have heard of the GDPR, only 7% report knowing “a great deal” about it. 57% said they know “little” or “nothing”
• Top internal threats identified as being able to result in a data breach: physical loss of paper or non-electronic devices (42%), an insider intentionally breaching information (42%), human error or unintended disclosure (41%), lost, stolen or discarded equipment (41%)
4D protection for boards and their businesses
Established to support and guide boards and senior executive leaders, CyberPlus (an Infosec Partners Group enterprise) provides boards with confidential services aimed at evaluating the integrity of their organisations’ Cyber Strategy; enabling boards to cut through the jargon making it easier to understand, translate and align the challenges and opportunities of Cyber Security with their ongoing oversight responsibilities.
Speaking after delivering a keynote at this year’s 361° Security Forum by Fortinet in Monaco, CyberPlus’ Chris Parker MBE highlighted that “Common themes includes why basic data security does not become top class security.” Chris said. “We often hear cries of ‘not enough time’ and ‘we are just too busy to get staff to focus on cyber even if it is important’. So it was encouraging to have so many of the audience thank me for demonstrating how only <0.5% of the working year invested in our 4D enhancement may well ensure business, reputational and security protection for the years ahead.”
CyberPlus’ 4D Security ensures organisation, staff and system readiness for incidents when they happen. Through his previous executive leadership roles in the corporate sector as well as his unique experiences as a Lieutenant Colonel in the British Army, Chris understands more than most about the importance of security plans and systems being fully tested and made operationally ready against real threats and complex attacks.
Preparing for not ‘IF’ but ‘WHEN’
Cyber is the most complex, current and critical risk businesses face today: it is a matter of when not if a business becomes a victim of a cyber breach or attack. Insurance can help soften the blow of any attack, but as the old saying goes “an ounce of prevention is worth a pound of cure”. Services from Infosec Partners and CyberPlus are proven to help significant organisations understand and meet the challenges of cyber risk head-on and with confidence that’s hard earned through assessments, stress testing procedures and the strengthening of an effective cyber culture.
For more about CyberPlus’ 4D protection and Infosec Partners’ full spectrum security including effective managed security services, please complete the adjacent form or contact us today on +44 (0)1256 893662.