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98% of UK firms are lacking data insurance

The UK Government has announced that almost 98% of large UK firms are lacking data insurance which should work alongside measures such as remote offsite backup and mail archiving to help a company recover should they suffer from a serious cyber-attack.

The Minister for the Cabinet Office- Francis Maude confirmed that cyber threats remain “one of the most significant – and growing – risks facing UK business” with “81% of large businesses and 60% of small businesses having suffered a cyber-security breach in the last year, and the average cost of breaches to business nearly doubling since 2013”.

The report highlights that cyber risk is synonymous with IT risk – that is, “the business risk associated with the use, ownership, operation, involvement, influence, and adoption of IT within an enterprise” (ISACA IT Risk Framework). The report went on to add that “such a broad definition makes sense because similar outcomes may arise from an IT event, irrespective of whether its cause was malicious or not and whether it arrived via the internet or from internal systems.

The report detailing that around 98% of UK firms are lacking data insurance provided an organisation chart of cyber risk looking at the characteristics of the attack/failure, the points of attack/failure, and the types of damage that may arise as a basis for “identifying different forms of threat and, consequently, the scenarios that need considering as part of cyber risk evaluation and stress-testing”.

UK firms lacking data insurance

If you’re worried about how this report and it’s findings could affect you and your business and what steps you should take to prevent an IT security related breach, contact us today where our certified Ethical Hackers and IT Security Consultants can discus your requirements.

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