Cyber attacks – addressing global concern

Cyber attacks continue to be a dominant global concern. This is according to the recently published Regional Risks for Doing Business 2019 published by the World Economic Forum. The report has cyber attacks at number 2 of the top ten risks worldwide and continuing to rank as the number 1 concern across North America and Europe.

According to this year’s study, 16 countries ranked cyber attacks and/or data theft and fraud as a top ten concern, including Europe’s four largest economies. Even countries which had previously ranked cyber attacks much lower now have it appearing in the top 10 risks. This shows a growing realization that cyber risk is omnipresent and knows no geographic boundaries.

So how can companies protect themselves from this fast-evolving global risk? There are several steps businesses can take to become more cyber resilient:

1. Education: Social engineering tactics such as phishing continue to be one of the most common forms of data breaches – particularly for mid-market customers. By providing training for all employees, companies can mitigate the risks and teach employees to recognize threats more quickly and effectively.
2. Be proactive, not reactive: According to the 2019 Cost of a Data Breach Report published by the Ponemon Institute , the average time required to identify a data breach is 197 days. By engaging in proactive detection measures such as security monitoring, companies can reduce this amount of time significantly, thereby reducing the cost and potential damage associated with a data breach.
3. Establish a Business Continuity Plan: Even with the best cyber security infrastructure, cyber events can and do happen - with both direct and indirect consequences. Creating a business continuity plan will ensure that roles and responsibilities are understood in the event of a cyber event. And it will ensure a timely response, which is a potentially key factor in securing a successful recovery.

Amid rising geopolitical tensions and more strictly enforced regulatory provisions, businesses more than ever need to adopt a mindset of cyber resilience – both to survive and thrive in our emerging digital society.

From Lori Bailey, Global Head of Cyber Risks, Zurich Insurance Group