The increase in cyber-attacks on business grew greatly and the losses that business suffered the same level of increase.
2021 was a big year for Cyber Security but not in a good way. The increase in cyber-attacks on business grew greatly and the losses that business suffered the same level of increase. Every business has seen big changes with customer spending activity and methods and the criminals have changed their activity. For years now we have been advocating that nearly all Noyce clients should be getting cyber insurance and the data just keeps proving this point.
“Cyber threats is the biggest growth area of business risk and thus insurance protection.”
In the last 12 months: -
• 1 in 4 organisations have experienced a least one data breach a week.
• For 1 in 5 of these organisations that have resulted in a loss of Money, Data and/ or Assets
The pandemic has delivered significantly change to the way we work making cyber security harder for many organisations due to: -
• Increased remote workers
• Rising numbers of endpoints
• Stretched resources
• Competing IT priorities
Business is becoming more lax as the use of technology increases and the staffing levels reduce. This has led in the last year to the following drop in security: -
• 35% are deploying security monitoring tools vs 40% last year
• 32% are performing user monitoring vs 38% last year
• 83% have up to date malware protection vs 88% last year
• 78% have set up network firewall vs 83% last year
The bottom line is that the cyber security threat is increasing, the average business protection is dropping, and it is only business who can resolve this via additional training, improved process and cyber protection insurance.
We specialise in saving businesses in the South of England time by providing price competitive quotes with tailor made insurance protection for their complex insurance needs. At Noyce, we understand that no two businesses are the same and when it comes to insuring against risk we will work in partnership with you to create the cover that works for you.