As cyber-attacks increase due to the rise of smart technology in the UK, organizations need to develop strong and adaptable cybersecurity with a focus on risk assessment, employee training and cyber insurance, as demonstrated by the Capita incident. Needs a plan.
As smart technologies become increasingly integrated into the infrastructure of private and public organizations, the surface area open to attack by malicious actors increases.British government Cyber breach investigation It is estimated that UK organizations suffered 2.39 million major breaches in 2023 cyber crime and 49,000 cyber frauds. [1]
This increase in cyber-attacks makes comprehensive and professional cybersecurity solutions essential for the public and private sectors. To build cyber resilience, UK organizations need to focus more on identifying their value at risk (possible losses).
This will help you better manage your risks and give you a better understanding of risk acceptance, risk mitigation, and risk transfer into your cyber insurance policy.
growing threat
The threat to UK organizations was demonstrated in the recent Black Basta cyberattack in March 2023. The cyberattack affected sensitive data handled by his public outsourcing business, Capita. Capita, which handles a variety of processes including license fee collection and pension data for major companies such as M&S, held sensitive data for thousands of customers, making it an attractive target for cybercriminals. . [2]
As business infrastructure becomes more dependent on smart technology, the risk of cyberattacks increases exponentially. [3]
As a result, most businesses in the UK accept operating within a defined level of cyber risk.As a result, in 2023 Investigation into cybersecurity breaches This is particularly concerning as it shows that while over 68% of UK businesses consider cyber security to be a key concern, only around 29% had a formal risk assessment strategy. will be done.[4]
The importance of risk mitigation
Therefore, against this backdrop, it has become essential to have a strong cyber resilience strategy in place to ensure that organizations are fully prepared against potential cyber attacks. Organizations need to consider how to protect themselves and minimize losses, especially as cyber technology takes control of more critical processes.
For example, recent research by the Office for National Statistics (ONS) showed that 19% of small businesses could lose around £4,200 due to a cyber attack, and many small businesses are worried that this could potentially It is said to be devastating.[5]
Organizations must develop a cyber risk strategy that addresses their unique needs. Chief information security officers (CISOs) need to educate their employees to help mitigate common cyber threats.
For example, employees should always be on the lookout for phishing tactics. Phishing tactics remain one of the most common forms of cyber-attacks in the UK, with a prevalence of over 83% in government research last year. [6] Increasing employee awareness of the impact of cyberattacks is one of the best and quickest ways to mitigate them. Cyber insurance can also help minimize damage to your business and improve customer confidence in the event of a successful attack.
As the public and private spheres begin to collaborate on shared cyber technology projects, proper cyber recovery strategies become even more important. The clearest example is the development of smart cities, where Internet of Things (IoT) technologies regulate everything from waste disposal to transportation.
A smart city is a unique site where organizations work together as a shared network. As such, they are also a combination of an organization’s unique cyber risk profile and strategy.[7] This siled approach can leave you exposed to unique forms of cyber-attacks.
Smart cities demonstrate the need for public and private organizations to be adequately prepared to withstand cyber-attacks. As large-scale partnerships become more common, opportunities for creative forms of cyberattacks continue to increase.
As UK organizations become more involved and more complex with cyber technology and its use, as seen in both the Capita scandal and the development of smart cities, organizations need to better manage and customize their cyber security profiles. You need to implement a solution.
What makes good cyber resilience?
A strong cyber resilience strategy seeks improvement and economic efficiency by integrating risk acceptance, risk mitigation, and risk transfer (insurance) to ensure that an organization can withstand attacks without impacting its ability to deliver value. I will make it possible for you to do so.
Offsetting cyber risks requires a comprehensive solution, but most organizations are slow to transition, leaving them vulnerable. A personalized cyber mitigation plan developed with expert advice can prove essential for cyber resilience.
Similarly, a patchwork cyber-resilience approach does little to stem the flow of potential attacks. Therefore, any solution must be holistic, with a quantified risk assessment and a board-level understanding of the value of the risks (expected losses) facing the business. This level of protection is essential in an era of increasing cyberattacks, where cybercriminals consistently seem to be getting more creative and dangerous.
Let’s say a UK organization wants to protect itself from cyberattacks like the Black Basta attack on Capita. If so, you need to develop a cyber recovery strategy that aligns with these principles and priorities. As cybersecurity threats become more complex, an organization’s cyber resilience strategy must become more dynamic or quickly become obsolete.
References
- https://www.gov.uk/government/statistics/cyber-security-breaches-survey-2023/cyber-security-breaches-survey-2023#summary
- https://www.ft.com/content/ff150b65-8dc6-48c8-b2e4-6b8fbee4ea03
- https://www.forbes.com/sites/forbestechcouncil/2021/03/26/cyber-risk-cant-be-eliminated—but-it-can-be-mitigated/?sh=c4a632c6af1d
- https://www.gov.uk/government/statistics/cyber-security-breaches-survey-2023/cyber-security-breaches-survey-2023#summary
- https://www.gov.uk/government/statistics/cyber-security-breaches-survey-2022/cyber-security-breaches-survey-2022
- https://www.gov.uk/government/statistics/cyber-security-breaches-survey-2022/cyber-security-breaches-survey-2022#overview
- https://www.securityweek.com/securing-smart-cities-ground/
This article was written and contributed by Si West, Director of Customer Engagement at Resilience Cyber Insurance Solutions.