Cyber risk is one of the biggest risks any firm faces in terms of impact. While technology and software offer a certain amount of protection, the people aspect makes us all vulnerable. Training, awareness and vigilance of staff at all levels within the organisation is a necessity.
What do we mean by cyber risk?
Cyber risk refers to any risk of financial loss, disruption or damage to the reputation of an organisation resulting from breaches or attacks on information systems.
Cyber risk could materialise in a number of ways such as:
- Deliberate and unauthorised breaches of security to gain access to systems
- Accidental breaches of security
- Operational IT risks due to factors such as poor system integrity
The threat landscape
According to the UK Government's Cyber Security Breaches Survey 2019 (carried out by the Department for Digital, Culture, Media & Sport), around a third (32%) of businesses reported having a cyber security breach or attack in the last 12 months. This is much higher among medium businesses (60%) and large businesses (61%).
The threat is constant, and severe.
What can your business do?
MacRoberts' short guide to reducing cyber risk contains some top tips on cyber security and good practice, and an outline of what you should do in the event of a cyber incident.