Posts

Showing posts with the label cyber insurance

The True Cost of Cyber Downtime: A UK Board-Level Briefing

Image
Written by Sean Tilley, Senior Sales Director EMEA at  11:11 Systems   Cyber downtime carries measurable financial consequences, and those consequences are becoming clearer with each major incident.  Research from 11:11 Systems  shows that 78% of European organisations report losses of up to $500,000 per hour following a cyber-related outage, while 6% face costs exceeding £1 million per hour. When recovery extends beyond containment, the disruption begins to register in revenue performance, contractual exposure, and customer stability rather than remaining confined to the technology function. For UK leadership teams, the issue centres on continuity of income, fulfilment of obligations, and the strength of customer relationships under strain.   Recovery delays compound risk Half of organisations surveyed require between one and two weeks to fully recover from a cyber incident. Over that period, cost exposure builds in ways that are rarely reflected in early estim...

Top Cyber Security Challenges Post Lockdown

Image
By Sam Jones | Cyber Tec Security Not too long ago things were looking bleak for the world, still under the dark cloud of the COVID pandemic, but with vaccine rollouts now taking place worldwide, there is finally a light at the end of the tunnel. It’s important to remember, however, as we slowly transition back into some semblance of normality, that there will be new challenges to face in all facets of life, and the Cyber Security sector is no exception. The Rise in Cyber Threat While the COVID pandemic loomed, the world was simultaneously dealing with a slightly different type of pandemic - a cyber one. The number of cyber attacks on businesses rose dramatically over the course of the last year, with estimated increases as high as 90% . Organisations were forced to quickly adapt and move operations out of the office and into home environments, often bypassing best practices for a secure migration. Hackers took advantage of this confusion and chaos and focused on exploiting the vuln...

Seven Debunked Myths of Cybersecurity

Article by Kristin Herman, a writer and editor at Ukwritings.com and Academized.com The term 'cybersecurity' has been tossed around lately. But although cybersecurity has been viewed as a saving grace for mobile devices, computers, etc. the topic is still cloaked in misconception. Things that might pop up, when it comes to cybersecurity, are: The idea of security Password strength Who cybersecurity threats target and affect If insurance will cover damages How effective an IT team actually is Cybersecurity “costs” What devices are most vulnerable to malware? However, as one side says one thing, while the other side contests it, it’s easy to get caught up in believing the wrong things. In fact, a lot of people get it all wrong. So, to understand the truth about cybersecurity, then check out this quick guide, which will cover seven of the most debunked myths about the subject matter: 1. “Physical Security and Cybersecurity are Two Different Things” “The truth is, physical securit...

Cyber Security Roundup for July 2017

Apologises for the delay in this month's Cyber Security Roundup release, I been away on holiday and taking a breach for monitor screens and keyboards for a couple of weeks. The insider threat danger manifested at Bupa where an employee stole and shared 108,000 customer health insurance records. Bupa dismissed the employee and is planning to take legal action. The Bupa data breach was reported both to the FCA and the ICO, it remains to be seen if the UK government bodies will apportion any blame onto Bupa for the data loss.  The AA was heavily criticised after it attempted to downplay a data compromise of over 13 gigabytes of its data, which included 117,000 customer records. The AA’s huge data cache was incorrectly made available online after an AA online shop server was “misconfigured” to share confidential data backup files. A customer databreach for the World Wrestling Entertainment (WWE) should serve as a stark warning for businesses to adequately assure third ...

PCI DSS Penalties & Fines? Cyber Insurance? How to Estimate the Cost of a Payment Card Breach

Image
How much does a payment card breach cost? How large are the potential fines? What happens if we aren't PCI DSS compliant and suffer a cardholder breach? Those are common unanswered questions which businesses accepting and processing debit and credit card payments rise, businesses which are required to be compliant with the Payment Card Industry Data Security Standard (PCI DSS). In recent years a growing number of UK  businesses are taking out cybersecurity insurance, and are more pressingly wanting to know whether their insurance coverage is sufficient enough to cover the cost of a payment card data breach. It is not possible to produce a formula or calculator to provide precise payment card breach costs on a per card compromised basis, as no two business payment operations are ever the same, and there are just too many factors that can impact the overall cost of a breach.  So instead I have put together the following six pointers to aid the estimation of a payment card ...