Modern day businesses face many challenges, some new, some old and some that are ever-constantly developing. The majority of businesses today would not be able to trade effectively without the use of electronic devices and online capability. With the guidance of the National Cyber Security Centre and The Cronin Insurance Consultancy as your professional partner, we help our clients circumnavigate the risks associated with Cyber threats.

The Statistics and Numbers – UK Government New Cyber Security Breaches Survey 2022 (as of 31st March 2022)

• 39% – UK businesses detected at least one cyberattack on their operations in the last 12 months;
• 31% – of those organisations face breaches or attacks at least once a week;
• 83% – Of the businesses that identified attacks in the last 12 months, “phishing” was the most prevalent attack vector;
• 21% – of those firms also reported more advanced attack types such as denial of service, malware or ransomware;
• 20% – of businesses acknowledged suffering a negative outcome as a direct consequence of a cyberattack;
• £4,200 – The average cost of a cyber attack in the past 12 months;
• £19,400 – The average cost of a cyber attack in the past 12 months – excluding small business enterprises.

The 10 Steps To Cyber Security Guidance

• Risk Management – Take a risk-based approach to securing your data and systems;
• Engagement and Training – Collaboratively build security that works for people in your organisation;
• Asset Management – Know what Data and systems you have and what business need they support;
• Architecture and configuration – Design, build, maintain and manage system securely;
• Vulnerability Management – Keep your systems protected throughout their lifecycle;
• Identity and Access Management – Control who and what can access your systems and data;
• Data Security – Protect data where it is vulnerable;
• Logging and Monitoring – Design your systems to be able to detect and investigate incidents;
• Incident Management – Plan you response to cyber incidents in advance;
• Supply chain security – Collaborate with your partners and suppliers.

Sources:
https://www.ncsc.gov.uk/collection/10-steps

https://www.computing.co.uk/news/4047588/average-uk-cyberattack-cost-gbp-200-last

The full article can be read here at https://www.cronininsurance.co.uk/10-steps-to-cyber-security-guidance/ expanding on the above.

Get in touch with The Cronin Insurance Consultancy’s in-house Cyber guru Daniel Wilson on 07484 634619 / daniel@cronin-insurance.com to find out what we can do to assist with protecting ceda members from modern day risks plaguing UK businesses.