Helping businesses protect themselves against cyber threats
Posted on: 24 May 2017
Earlier this year, the Allianz Risk Barometer identified cyber incidents as the biggest concern for UK businesses, and the third biggest concern worldwide, in the lead-up to 2017.
The 'WannaCry' ransomware attack that started on Friday 12 May showed that it is right for businesses to be concerned about cyber threats.
The WannaCry attack - what happened?
The NHS in England and Scotland were severely impacted, leading to cancellations of non-emergency procedures at hospitals and patients struggling to get in touch with their GP surgery.
Nissan's base in the UK was also affected, causing production to be halted, and other big names across the globes, like FedEx, Hitachi, Telefonica (O2) and Renault, were similarly hit by the attack.
Fortunately, a cyber security researcher found and triggered a 'kill switch' which significantly slowed the spread of the attack and allowed for defensive measures to be deployed.
How can businesses protect themselves?
In 2014, the UK Government launched Cyber Essentials, a scheme designed to encourage good information security practices in organisations.
Cyber Essentials helps organisations to identify basic weaknesses in their IT systems and software and then address them.
Since its launch, Cyber Essentials certification has become a requirement for some Government contracts and private sector tenders.
Last year, Allianz Commercial partnered with leading global cyber security consultancy, IT Governance, to provide policyholders with a free online cyber risk assessment via Risk Director.
Users that complete the assessment will receive a tailored cyber security improvement report and can then apply for Cyber Essentials certification with IT Governance.
Don't forget! The General Data Protection Regulation (GDPR) will be enforced in a year from tomorrow!
The GDPR will be enforced from 25 May 2018 and affect the way personal data is stored and managed by businesses, including insurers and brokers.
Read our August 2016 article to bring yourself up to speed on the GDPR.
Cyber Essentials certification will help businesses address some of the requirements needed for compliance with the GDPR.