How do you protect yourself?
According to Aon’s 2019 Global Risk Management Survey , the use of cyber risk assessments has risen 16% since 2015. However, only 59% apply any formal process to identify and evaluate their cyber risks.
The majority are also not using any financial metrics to communicate the materiality of cyber exposure. The general trend globally, specifically to cyber risks, is that organisations do not understand their biggest cyber risks and the implications they have for operations and the balance sheet.
“Whether you are a big or small operator, your company’s ability to protect against and recover from ransomware attacks rely on implementing proactive technical measures, business continuity plans and insurance to mitigate the financial and liability fallout. With a qualified risk advisor versed in the cyber risks facing South African businesses of all sizes, your organisation will be able to take the business through a comprehensive cyber risk assessment that will help quantify the risks your organisation is exposed to, as well as the potential fallout or financial quantum of such an incident. Having a built-for-purpose cyber insurance regime in place that is supported by an airtight incident response process will go a long way in achieving a cyber resilient operation,” concludes Zamani.
Aon highlights four crucial steps to building a cyber resilient organisation:
- Take it from the top. Cyber risk management must be an enterprise-wide effort, but accountability needs to sit at the very top of the organisation, with the board understanding the costs and consequences of a cyberattack.
- Unite your business. Cyber risk is not just an IT security issue; it is a threat to the whole enterprise. It calls for a multi-discipline, multi-level response that involves every relevant stakeholder within the business.
- Get ahead of the game. Businesses can no longer rely on bringing in a response team after an attack. Incident-response training is critical in preparing organisations for a cyber-attack and scenario-planning helps to understand operational vulnerabilities and threats.
- Protect your balance sheet. Firms should look at how they are leveraging available risk transfer opportunities. Cyber insurance can help protect an organisation’s balance sheet by providing a financial pay-out after things have gone wrong and providing pre-loss prevention and post-loss services.
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