Building Resilience to Cyber Risk

Part of the solution is better cyber security, but when hackers can penetrate the networks of Fortune 500 companies and high-profile government agencies, no ordinary business or organisation can presume that it cannot be breached. For the unprepared, the cost of a breach can be crippling. In 2015, the global average per-company cost of a data breach reached $3.5 million.3 Cyber insurance provides a way for businesses and organisations to spread risk and, consequently, to be more resilient than they otherwise would be. By combining cyber security and cyber insurance, businesses and organisations can achieve greater cyber resilience against emerging cyber threats. A business or organisation is cyber resilient if: (1) it has implemented a cyber security programme that reasonably protects its information assets (taking into account the value of those assets and the surrounding threat environment), and (2) it has obtained cyber insurance that is reasonably sufficient to protect against residual cyber risks

¹ https://www.symantec.com/content/dam/symantec/docs/reports/istr-21-2016-en.pdf
² https://www.symantec.com/content/dam/symantec/docs/reports/istr-21-2016-en.pdf
³ https://nhlearningsolutions.com/Portals/0/Documents/2015-Cost-of-Data-Breach-Study.PDF

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