Why firms should review their risk profile to cybercrime
With cybercrime estimated to cost the UK £27bn annually, Holmes Mackillop Solicitors director and Head of Corporate Ralph Riddiough has advised firms to review their risk profile to cybercrime.
While the forthcoming Cyber Security and Resilience Bill focuses on national interests, with the UK Government planning to introduce measures that will give the technology secretary the power to require firms to strengthen their cyber security defences, Riddiough says that businesses are well aware of the increasing threats around cybercrime and are responding accordingly.
“Cybersecurity has been an issue rising up board meeting agendas for several years, at a pace matched by the increases in insurance premiums for cyber insurance, reflecting an ever-increasing risk profile,” he said.
“We expect to see ransomware as a service gaining ground, as cybercriminals sell malware to unsuspecting businesses. Accordingly, we expect to see responsibility for cyber security moving out of IT departments and outsourced to trusted consultants.
“For companies seeking to ramp up their response, a good exercise is to work with a trusted consultant to review their risk profile, make the necessary changes, and then engage with an insurance broker to seek appropriate insurances,” he said.
“It has to be this way round as chances are the insurances won’t be available without the necessary information security and governance arrangements already in place.”
ENDS
For further information please contact on Ralph Riddiough on tel 0141 226 4942