The importance of effective cyber risk management

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There is now a greater reliance on digital services for agents, this makes it even more important to review and invest in cybersecurity to manage the risk of potentially disruptive cyber incidents.

39 per cent of UK businesses identified a cyber-attack in the last year according to the UK Government’s Cyber Security Survey 2022, although the report suggests the figure may be even higher as organisations may not be identifying attacks and are therefore under-reporting.

Cyber-attacks are on the rise, but despite this growing risk, less than a quarter (23 per cent) of UK businesses have a formal cybersecurity strategy in place.

In today’s world, no organisation is immune from a cyber-attack or data breach, whether this is due to criminal activity or employee error. From phishing attempts to ransomware, distributed denial of service attacks and malware, businesses face a number of cyber risks.

For any organisation, a cyber incident can be extremely damaging – potentially leading to the loss of data, financial penalties and other costs, as well as reputational damage. One of the…

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