Graeme Gordon, CEO of Converged Solutions Group, warned that cyber insurance isn’t enough on its own; insurers won’t provide cover for a business that doesn’t adopt good cyber hygiene, and not all outcomes following an attack can be covered by an insurance payout. He added: “Given that over half of businesses surveyed have suffered an attack in the last year really highlights the prevalence of cyber crime today. However, more worrying still are the consequences organisations have faced.
“The report highlights organisations have suffered financially and operationally and have even found it difficult to attract business following an attack. These outcomes will be very concerning for business leaders and they reinforce the direct correlation between cyber and the bottom line.
“This year, the UK has experienced some of the most disruptive and costly attacks the country has ever faced, spotlighting to business leaders the vulnerabilities that exist within today’s interconnected enterprise ecosystem.
“Hiscox’s report clearly reinforces the importance of organisations adopting cyber insurance to mitigate some of the financial penalties that can arise following attacks. This is an important lesson and one Jaguar Land Rover is learning the hard way.”
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