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The latest Risk Barometer published by insurance group Allianz finds that while Business Interruption was the top concern globally, cyber Incidents remained the chief concern for UK business.
Alongside attacks from hackers and malicious software, cyber incidents can also include technical failures and the acts of employees, both deliberate and accidental. With ever increasing levels of interconnectivity it is more important than ever that organisations have robust cyber security procedures and systems in place.
A serious cyber incident can harm an organisation in many ways including severe business interruption, loss of reputation, customers and market share, as well as penalties for non-compliance with regulations. On top of this the General Data Protection Regulation (GDPR) which comes into force on 25th May 2018 brings with it prospects for greater penalties for those organisation that don’t comply.
The Allianz Risk Barometer is based on a survey of Allianz corporate clients, brokers, risk consultants, underwriters, senior managers and claims experts in 80 countries. Full details can be found at: http://www.agcs.allianz.com/insights/white-papers-and-case-studies/allianz-risk-barometer-2018/
To find out more about insurance cover for Business Interruption and Cyber risks please speak to your usual Cooke and Mason contact on 01777 869900 or email us at firstname.lastname@example.org