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See all the news storiesXavier Marguinaud (Head of Cyber - International), along with Enzo Aguilera (Cyber Manager), Ezechiel Symenouh (Cyber Underwriter) and Marc Pujol (Cyber Security Specialist), explore the crucial elements of a Cyber defence strategy in their latest report. Read on to find out more and view the report.
When a cyber-attack hits, many businesses ask themself, what do we do? However, scrambling for answers in the midst of a breach is less than ideal. Bad decisions get made and costs can be higher than they need to be. To avoid this, preparing in advance is essential. Confidently describing your business as “cyber ready” is a big ask. There are, however, very achievable steps to take towards achieving this goal.
The cost of data breaches is on the rise, and recent reports have shown that losses of personal information with a lifecycle exceeding 200 days will cost an average of $5.46 million, a 10.3% uplift on last year. Becoming cyber-ready, has been proven to mitigate the impact of these events and meaningfully bring down the overall cost of an incident.
The cost of a breach is not just financial. Reputations can also take a hit. In the event of a crisis, you will need to immediately convey to your executive teams, employees, board members, business partners, regulators and the media that the situation is under control.
What is cyber readiness?
Being cyber ready means understanding that an incident is likely to happen and doing everything in your power to prepare for when it inevitably does. In the context of cybersecurity, readiness is about identifying, preventing and responding to Cyber threats. Businesses are facing a new era of sophisticated cyber-attacks. They rely on an increasingly complex web of technical infrastructure which increases their vulnerability to breakdowns or outages. While the cost of preparation is something many businesses may look to minimise, being caught unprepared can be devastating and cause far more financial damage.
No risk manager, CISO or CIO wants this. and while the cyber landscape is largely hidden from view, deeply complex and constantly evolving, operational readiness is the foundation of any cybersecurity strategy. Indeed, as cyber risk becomes more substantial and threatening, the need to be cyber ready is fundamental.
Getting started is daunting, but the journey to effectively preventing and responding to threats begins with a few good steps.
The primary goal is to identify malicious actors, build-in preventative measures, and have adequate response protocols to incidents. However, businesses do not need to do this alone, there are partners out there ready to help you prepare. Tokio Marine HCC has been innovating in Cyber Liability Insurance worldwide for over 20 years. Our dedicated global team is made up of cyber insurance and in-house claims experts with deep industry knowledge and a wealth of cyber security experience.
We are constantly helping businesses enhance their defences and take on risk with confidence. We can do the same for you.
For a holistic step-by-step guide on how your business can become cyber ready, check out our Cyber Readiness report below.
