Some sobering news out of the UK today. Apparently more than one-fifth of UK firms have been impacted financially by cyber attacks, yet more than three-quarters of companies polled have never been insured for cyber-related losses. Another data-point proving that cyber risk is an international problem - especially when we consider how interconnected global business is today. From ComputerWeekly.com:

Technology, social media and transactions over the Internet play key roles in how most organizations conduct business and reach out to prospective customers today. Those vehicles also serve as gateways to cyberattacks. Whether launched by run-of-the-mill hackers, criminals, insiders or even nation states, cyberattacks are likely to occur and can cause moderate to severe losses for organizations large and small. As part of a risk management plan, organizations routinely must decide which risks to avoid, accept, control or transfer. Transferring risk is where cyber insurance comes into play.

Risk is everywhere and liabilities are high. Cyber threat remains one of the most significant and growing risks facing organizations today and too few are prepared.

Sorry to intrude into your Monday with a scary story about potential data breach costs, but if you have responsibility for risk management in your firm, take a look at the breach reported today by Quest Diagnostics.

As we wind into the final hours of May 2019, it’s really eye-popping to read through all the data crime reports making news.