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Cyber risk management strategy: Five areas to consider

Aug 23, 2018

Cyber risk is one of the big business issues of the moment with news of cyber attacks hitting the news on a regular basis. As a business it’s crucial that you are considering cyber-crime as a real threat. Here are some key areas to consider when it comes to planning your cyber risk management strategy:

1. Acknowledge the risk – Regardless of their size, all businesses who make use of IT systems are vulnerable to cyber-attack. Don’t assume that cyber criminals will target large organisations. In fact, some figures show small to medium sized business could be more at risk given the perception that they have fewer resources to invest in protecting themselves

2. Be aware of the types of attack – we aren’t saying you need to be an expert, but you should have someone in your company who keeps up to date with the types of cyber-attack that you could be facing. Knowing what the threat may be can help you design your infrastructure to minimise your risk.

3. Educate your company – we’ve blogged previously about the fact that cyber-crime is a business issue, not a technology issue. Make sure it’s not just your IT department who are responsible for keeping your business safe. Everyone has a role to play – staff should recognise what a phishing email may look like or be given the authority to question requests that don’t feel right to them.

4. Assess your third-party suppliers – this is of real importance if you work with third party suppliers who process your data. As other people take some responsibility for your data it is key that you understand how and where they store your data, if they are GDPR compliant and that you keep up to date with any changes they make to their processes. Read our recent blog for more information on this topic

5. Have a plan in place – if the worst does happen, then having a pre set plan in place which will allow you to protect your business, customers and staff is essential. The ability to act quickly to identify the attack and notify your customers if there is a data breech shouldn’t be overlooked. Acting quickly and being open can also help when it comes to reputation management.

Here at Anthony Jones we can help you asses your business risk and guide you through the process of deciding whether cyber insurance is necessary for you. This guide to cyber insurance also provides some useful information if this is currently an area you are considering for your business. Give us a call if you’d like to discuss you needs on 0208 290 9080.

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