Cyber resilience A pillar of long-term business success

The recent Hiscox Cyber Readiness Report highlights the increasing frequency and complexity of cyber-attacks and the critical impact of attacks on brand reputation, with compromised data leading to loss of customer trust and business.

However, further investment in employee awareness and cyber security reflects a growing understanding in the business community that cyber resilience is not just a protective measure but a critical component of long-term success.

Here are the headline statistics from the report:

How committed are businesses to cybersecurity?

• Resilience is a worry: Three-quarters of firms consider cyber resilience very important to their overall business strategy. However, 40% of leaders classify their cyber resilience maturity as ‘basic’ or ‘ad-hoc’ and 34% feel their organisation is not adequately prepared to handle cyber-attacks. Organisations are urged to turn their awareness into action and improve readiness.
• Expanding employee awareness: The human factor remains a critical vulnerability in cyber security. As a result, firms have invested in additional cybersecurity training for remote employees and/or appointed a dedicated leader responsible for cybersecurity.
• Investing in cyber security: Financial commitment varies between different organisation sizes, but interestingly, smaller firms allocate a larger proportion of their budget to cybersecurity.

Staying ahead in the cyber security race

Whatever your company’s size and sector, it’s useful to think about contingency plans should the worst happen. What would you do in the event of a long-term blackout? How would your existing security systems cope with a significant hacking attempt?

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