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Digital Dependency and the Cyber Threat

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Digital Dependency and the Cyber Threat

Cyber threats to business - digital finger print
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  • Posted by: Castleacre

Cyber Insurance is now an essential ingredient for Business.

We have become increasingly reliant on digital technology and databases to manage sensitive information.  Our dependency on these digital systems was accelerated during the pandemic when many of us managed our work and business activity remotely. At the same time, the number of malicious cyber-attacks on businesses and individuals has also risen and no company is invulnerable to this threat.

As more and more financial, personal and business critical information is held within often flawed digital systems, rogue states are viewing cyber warfare as a legitimate front line, funding more sophisticated hacks on individual organisations with the real potential to destabilise economic activity. In addition, there are individuals and crime syndicates who are also exploiting digital vulnerability with the express purpose of financial fraud or extortion.

 ‘In this period of heightened cyber threat, it has never been more important to plan and invest in longer-lasting security measures.’
2022 Lindy Cameron CEO of the National Cyber Security Centre UK Gov

Cyber threats

Evolving threats, and greater reliance on digital storage means there is huge pressure on businesses to safeguard sensitive data. Companies of any size are much more likely to be held to account for security breaches, particularly where there has been a systemic failure to put in place adequate protection.

Cyber security should be an integral part of any business structure. As we have seen with a number of high-profile breaches, even amongst the most digitally savvy organisations (such as Linkedin, which experienced data breaches in 2012 and 2021, Yahoo in 2014 and Facebook in 2019) no company can afford to be complacent.

While prevention is the best form of defence it is very difficult for businesses to predict exactly where and how the next threat will evolve. Cyber insurance is an invaluable asset because if the worst does happen it can help your company recover, offering financial, legal and structural support.

Cyber threats, such as phishing, malware, denial of service and data theft can expose companies to:

  • Financial loss
  • Loss of personal records or client databases, emails and system accessibility
  • Website loss or interruption
  • Business Interruption
  • Reputational Damage
  • Legal action
  • Threat to life

Comprehensive Cyber Insurance offers

  • Forensic analyses of cyber security failings
  • Financial compensation for structural and reputational recovery
  • Expert legal advice and cover

Castleacre can advise on bespoke Cyber Insurance to help you protect your business against cyber threats.

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