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Cyberattacks and data loss top list of threats facing Directors

Cyberattacks and data loss are the top risks facing businesses, with ransomware one of the fastest-growing malware hazards of the 21st century, threatening businesses and public institutions around the world.

In the face of this clear and present danger it is vital that Cyber insurance is put in place to offer protection to organisations and help minimise disruption.

With the global pandemic changing work patterns and home working increased, criminals are using cyberattacks adapted to exploit the “new normal”. The threat of a cyberattack is now seen as a greater risk to businesses than regulatory risk, health and safety risk and employment practice claims.

Security firm Malwarebytes highlighted the worrying risk of cyberattack in their  State of Malware 2021 report which confirmed that hackers mostly preferred sneak attacks powered by some form of automated malware carrying a secondary payload, often ransomware.

As the report highlighted: “Faced with a new landscape, cybercriminals ditched some old tactics and placed a new emphasis on gathering intelligence. And as people adapted to their “new normal,” scammers exploited their isolation with a resurgence in tech support scams.”

The report is backed up by other comprehensive surveys that confirm cyberattack is the top risk facing directors, amplified by remote working and with the impact of the pandemic still being felt globally, vulnerability will continue to be a significant concern.

It is estimated that a business is attacked by a cybercriminal every 11 seconds and damage costs from these attacks will hit around £14.4 billion ($20 billion) by 2021. One particularly fast evolving malicious software infects computers and mobile devices, often spreading across networks to other devices.

A strategically delivered insurance policy helps minimise business disruption during a cyber incident and its aftermath, as well as potentially covering the financial costs of some elements of dealing with the attack and recovering from it.

Cyber insurance helps protect organisations from the fallout from cyber-attacks and hacking threats by potentially covering certain consequential financial costs and minimising business disruption.

W Denis has a specialist Cyber Insurance department, that can offer first class technical advice and competitive cyber insurance quotations. Solutions are available for multi-billion turnover businesses, down to small start ups. To discuss this further with an expert at W Denis, please make arrangements with Daniel Moss at daniel.moss@wdenis.co.uk or on 0044 (0)113 2439812

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