A key element of the corporate Risk Management strategy
With the steady increase in cyber-crime, many organisations across a variety of industries are susceptible to cyber-attacks. Recent cyber-attacks indicate that breaches are inevitable and can be extremely harmful. Cyber breaches can lead to tangible costs, brand degradation and changes in consumer behaviour.
In this context, many organisations have come to the realisation that a cyber-attack is inevitable - it's not a question of ‘whether’ it will happen, but ‘when’. Although it is impossible to be 100% secure, by developing a sound cyber risk management approach, organisations can implement a number of risk treatment measures for prevention, detection and response activities to keep cyber risks at an acceptable level. Furthermore, the ever-evolving cyber risk landscape is driving interest in cyber insurance as one complementary element of the cyber risk management approach, which allows organisations to transfer some of the risks associated with cyber incidents to their insurance provider.