The impact of cyber security breaches

I’d like to give you some food for thought around your data, your cyber security and your plans for AI.??

This week I listened to 3 different business leaders tell their story of how their businesses were plunged into chaos from a cyber-attack. The IP phones, servers, email, website, client and staff database were among some of the things compromised.?

The scary thing was all 3 of these businesses were well established (￡5m+), and 2 out of the 3 had cyber insurance policies in place, as well as business continuity/disaster recovery plans.?

The reality was these plans were useless as they had never been tried and tested properly.??

It was thanks to the insurance company that they were able to get rapid access to a team of cyber experts, lawyers and even “threat actor negotiators” to jump in and help.?

This was a very expensive team to have on hand at immediate notice…with the insurance company reminding the business that they won’t be picking up the bill until they’ve checked they’ve complied with the policy requirements.?

It’s at this point that the importance of keeping on top of your data protection becomes THE most important thing you’ve invested in alongside your cyber security. If you’ve not done much, if anything, to make sure your personal data is processed and stored securely there’s a higher risk that your insurer will not cover you when there’s a cyber-attack (check your policy wording!).??

There’s also the further risk of being fined by the Information Commissioner’s Office for not having sensible measures in place for your data…and especially awkward trying to explain to your employees why their passport or driving licence is now up for sale on the dark web!??

This is obviously quite an extreme example, but the good news is a lot of this stress can be minimised by investing in good data protection standards and good cyber security (including insurance!).???

I’m not a cybersecurity expert, but I’ve put together a quick guide summarising expert-recommended practices we use. I’m happy to discuss further or connect you with the experts we’ve worked with if you need help.

View the quick guide to cyber security here?

Best regards,

Ryan

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