Cybercrime costs the United Kingdom economy alone an estimated USD 38 billion per annum according to government figures but in Europe a surprising 68% of organizations have not estimated the financial impact of a cyber-attack and just 25% of possess an incident response plan for material cyber events.
From hacker groups to activists via disgruntled internal employees: the risks presented by cyber threats could impact an entire company at any moment. Today’s businesses rely heavily on technology on various fronts and failing to take out the relevant insurance product can lead to brand and reputation damage, data breaches, regulatory scrutiny, stakeholder dissatisfaction, and financial losses.
Cyber espionage and vulnerabilities are just a couple of the cyber risks that need to be contemplated while carrying out risk mitigation and cyber risk modelling as part of a larger cyber security assessment. Is your information secure? Have you quantified cyber risk? What is the potential cyber-incident impact on your company? The lack of control over suppliers and external organizations means they are one of the main sources of vulnerability to companies’ networks but is your business adequately prepared?
As an insurance broker, Marsh can help. We offer a range of risk management and risk transfer solutions that will enable you to assess, manage, and respond effectively to the cyber threats which your organization faces on a daily basis. With our expertise requested by national governments and key industry leaders, our cyber experts are at the forefront of the insurance market, constantly updated on the latest and most dangerous cyber risks.
Under Marsh’s guidance your business will obtain a multidimensional and comprehensive strategy that accounts for the entire enterprise: operations, compliance, legal, finance, communications, and the board of directors. We’ll define your risks and design an effective cyber risk management program to help protect your company.