risk

Cyber Security Threats for 2016

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Cyber Security Threats for 2016

Cyber security will remain a high profile issue for businesses  as we move into 2016.

Many small businesses do not appreciate the speed at which cyber related exposures are developing and the importance of robust cyber security being in place , it is therefore vitally important to be aware of these as businesses are nowadays almost 100% reliant on technology.

Existing cyber security risks will develop and new ones are likely to emerge, some examples of these are as follows:-

  • Outdated technology may be susceptible to unauthorised access from a hacker if patching has not been carried out on a regular basis.
  • Current security procedures need to be updated to keep pace with the sophistication of hackers  techniques.
  • Forgotten maintenance of the Internet may lead to opportunities for hackers
  • The Internet of Things will provided increased connectivity between many more devices and has the potential to produce vulnerabilities in security loop holes.
  • Businesses are increasing moving towards the use of cloud providers and therefore being able to monitor data is likely to become more difficult. With the abolishment of the Safe Harbour this will have of particular impact to firms trading in the USA.
  • Perceived increased focus by hackers on small businesses that may not have the same standard of IT security as larger companies.

The underlying message is that the cyber risk landscape is constantly evolving and businesses must be increasing on their guard to anticipate this by updating and improving their existing cyber security.

A Data Breach might be happening right now …

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A Data Breach Might Be Happening Right Now ....

Data Breach – this can occur when you don’t know it and could be happening in your business right now …….

The average time before a data breach is detected in a business is 205 days and has been know to be as long as 8 years.

In the real world a bank robbery occurs in a matter of minutes , in the virtual world a compromise to your security and the gradual stealing of data could occur over many days and even years without you being aware.

It is therefore very important that a businesses has effective cyber security measures in place to combat and manage a potential data breach.

The key to this process centers around three main areas:-

  • The most up to date software or software that is regularly patched.
  • Effective risk management procedures which are constantly reviewed and supported by management at all levels.
  • Regularly updated business continuity /disaster recovery plans.

With this in place it increases the chances of discovering a compromise of your computer systems at an early stage…. – it is very unlikely that you will achieve 100% certainty.

Once discovered it is vitally important that the management of a data breach is carried out in a prompt and organised fashion . If it is not it could make the difference between a business surviving and not being a viable entity post data breach.

A cyber liability insurance policy can help mitigate the impact of a data breach by providing the following benefits:-

  • Crisis Management – this involves the appointment of a crisis management consultant to assess and manage the data breach.
  • Public Relations Costs – the purpose of a PR consultant is to manage the data breach in the public domain so that reputational damage can be minimal.
  • Call Center Costs – the utilization of a call center will assist in the additional costs incurred in the management of customers concerns about the possible loss of personal information and notification of the incident.