16 Jan 2019

Cyber threats hailed as one of the “biggest risks” to UK businesses

In a recent survey Brexit and cyber attacks have been named the two threats that pose the “biggest risks” to UK businesses In 2019.

According to survey organisers Allianz Risk Barometer 2019, 37% of UK risk experts state that cyber incidents are top business risks globally as UK businesses “continue to be occupied by the threat of cyber attacks”.  The same number of participants choose Brexit as the biggest risk – which led to a tie.


UK businesses concerned over cyber threats

The latest finding suggest that cyber threats have become as concerning for companies as their major traditional exposures, but why?

In response to the survey findings, Tracey Hunt, Deputy CEO, Allianz Global Corporate & Specialty AGCS), UK has said:

“The consequences of a major data beach have never been greater since the EU’s General Data Protection Regulation (GDPR) came into force with data breaches potentially now resulting in huge fines.”


Why are businesses concerned?

Businesses have every right to be concerned. Cyber attacks are expensive. The rise in third party attacks has seen many affected customers or shareholders seek compensation.

Cyber crime costs have hit $600bn worldwide each year. This has jumped from $445bn a year in 2014. New technology and innovative methods have been allowing cyber criminals to steal data, commit fraud and extort money online. Even bigger organisations such as BA, NHS and Carphone Warehouse have been targeted in recent years.


Protect your business

Cyber security has become a major concern for MOD suppliers in recent years as it is mandatory that suppliers to the MOD have completed Cyber Essentials certification.

That is not the only benefit as having this certification will also protect your organisation from 80% of common cyber threats.

If you would like to learn more about Cyber Essentials, download our free Scheme Summary.