Cyber Security: A rampant risk across industry lines

Cyber Security: A rampant risk across industry lines - May 21, 2019

  • Posted by Christine Jones in Risk guidance
  • May 21, 2019
  • No Comments

Regardless of industry, a wide range of factors have contributed to cyber-security taking the top spot on the list of common organisational risks this past year. Indeed, many sectors across the country have joined in the race to go digital as reliance on workplace technology continues to grow. In fact, 98 per cent of businesses and 95 per cent of charities depend on some form of digital communication and services (eg email, e-commerce on online banking) in the UK.

As a result, the risks that come with technology implementation followed – over 30 per cent of businesses and over 20 per cent of charities reported that they have experienced a data breach or cyber-attack in the past 12 months. And those are just the attacks that are reported to the government. What’s more, the consequences of these attacks are significant – lost or stolen data, business interruption, financial concerns and reputational damage often accompany a data breach.

The impact of GDPR

As GDPR celebrates its first anniversary, it’s no secret that the implementation of this strict data privacy law is partially responsible for increased cyber-security efforts in the UK over the past 12 months. At a glance, 30 per cent of businesses and 36 per cent of charities reported making changes to their cyber-security programmes in the past year because of the GDPR. And while ensuring GDPR compliance might have felt like a tedious or unimportant task within your workplace, recent data found that GDPR-ready organisations experienced significant tangible benefits in response to their efforts – those that are compliant are 15 per cent less likely to suffer from a data breach. These numbers make it clear that GDPR-readiness is crucial now more than ever to reduce your risk of a cyber-attack.

With this in mind, Pound Gates has compiled a report summarising the 2019 Cyber Security Breaches Survey, commissioned by the Department for Digital, Culture, Media & Sport as part of the National Cyber Security Programme.

Simply click here to view the report.

You can protect your business with cyber-risk management guidance and insurance protecting against cyber-risks. Call us on 01473 346118 to find out more.

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