This year, cybersecurity concerns are on the rise as hackers become more aggressive and technology advances. If your business is reviewing its budgets and strategies for 2020, Robison recommends investigating these cybersecurity trends to identify how they might affect your company.
Investors
In 2020, financial investments will be affected by cybersecurity more than ever before. Following 2017’s Equifax data breach, investors are beginning to realise that businesses with vulnerable cyber risks are a less worthy investment. With ‘Fortune 1000’ companies twice as likely to suffer a data breach, it is clear that even the largest, most prosperous companies are at risk. Surprisingly, research by cybersecurity rating company BitSight revealed that the majority of the 1,000 largest American companies ranked by revenues, as compiled by the American business magazine Fortune, have at least one division in their administration which uses a vulnerable ‘port’ which could be accessed by cybercriminals to acquire sensitive data.
Consequently, investors are reining in their support of companies which do not have solid security measures in place. The correlation between strong cybersecurity and strong stock performance has allowed investors to make smarter choices about which companies they decide to invest in, and although this relationship is in its infancy, it is likely that in the future more investors will incorporate cybersecurity into their analysis.
As a business, it is imperative to showcase your company’s cyber aptitude, as it will not only protect your data, but increase your investment value.
Blunt-Force Cyberattacks
Projections show that in 2020, hackers are likely to use simple strategies such as brute-force password spraying, business email compromise (BEC) and gaining access to third-party systems. Although it is beneficial to have complex firewalls in place to protect the delicate infrastructure of your computer systems, businesses must practice back-to-basics cybersecurity vigilance such as:
- Staff training on phishing and suspicious emails
- GDPR enforcement
- Maintaining Codes of Practice when discussing sensitive information
Often, the human element of a business is the weakest link, and the easiest route for a cyber criminal to gain access to sensitive data.
For more information on Cyber Risks and Liabilities and how you can protect our business, read our guide.
How Can We Help?
Cyberattacks can cause your company to lose the trust of your clients, lose money and damage your reputation. As an experienced broker, Robison can find the best cyber liability insurance for your business, based on your specific needs. Our professional team specialises in creating bespoke insurance solutions to resolve your concerns, with a focus on value for money, industry insight and personal service.
Robison is an independent business and personal insurance broker based in Petersfield, Hampshire. We have provided advice and services for businesses throughout Hampshire and the surrounding areas since 1982, providing friendly customer service, value for money and advice from trained professionals. If you’re looking for an experienced, professional broker who is innovative in providing you with the right programme of policies, our team can offer tailored advice and services no matter your requirements. To arrange an audit, call our team on 01730 265 500 or email us at hello@robison.co.uk.
