The definition of a cyber attack depends upon who you speak to, I’m therefore not convinced that 20% of UK businesses have been hit by a cyber

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The definition of a cyber attack depends upon who you speak to, I’m therefore not convinced that 20% of UK businesses have been hit by a cyber attack in 2023. But all the same cyber is a significant risk, and one UK businesses are ill prepared to manage. With only 36% of UK businesses reporting to have cyber insurance; a significant gap in board room cyber knowledge and experience, and a gap in the necessary skills and experience within organisation to identify and manage cyber risk. Cyber is a significant risk.

The cyber coverage gap is of concern. Organizations invariably do not understand their total inherent risk exposure, of a cyber attack. Cyber is a risk that has the demonstrated ability to stop most aspects of business operations, affecting all aspects of an organizations financial statements. In addition to insurance cover limits and exclusion clauses some organizations must address the prospect of cyber regulation that the transfer of risk right of bang into the board room creating significant compliance costs.

2024 will be an interesting year as the frequency, complexity, severity of cyber attacks increases and the coverage gap becomes an increasingly difficult challenge for many companies to address.

Ted Dziekanowski Brian D. McCarthy

#cybersecurity #cyberriskmanagement #cyberinsurance

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