Stackhouse Poland is featured in the September issue of Business Innovation Magazine, with an article on cyber.
Geoff Keig, Regional Director, considers the cyber risks that SMEs are commonly exposed to, and the potential damage to an organisation’s reputation. The article is on page 81 of the latest edition, and we have an additional feature and article on the Business Innovation magazine website.
It was recently reported in Insurance Age that SMEs now have a 50% chance of being targeted by cyber crime this year. Undeniably, the risk of businesses suffering a loss because of a cyber-attack, virus or data breach is increasing to the extent that this cannot be ignored.
Global Insurer AIG forecasts that the worldwide market for Cyber Insurance will grow at 20% year-on-year until 2023. Despite this less than 25% of UK businesses are thought to have cyber insurance in place. Given that “cyber” could refer to any system dependency or any form of data it is inconceivable to think that a business would insure against the risk of losing hardware but ignore the data contained on it.
The biggest risk to any business is not the direct financial consequences of a data breach including lost trading, system damage, immediate costs to address and any potential fines/penalties but far more the potential for lasting reputational harm.
Read the latest issue of Business Innovation Magazine by clicking here.
Click here to read the feature on cyber on the Business Innovation Magazine website.