Cyber crime is apparently costing UK businesses nearly £3bn per year according to a recent report from insurer Allianz Global.
UK based criminals are the second highest originators of cyber crime in the world, after the USA, but it is British businesses that are the most heavily hit in the world with attacks coming from America, Nigeria, Germany and Mexico.
Cyber crime is a well organised global phenomenon with criminals fast adopting new technologies and tactics to attack businesses, and his makes it exceptionally important that companies are up to date with their own IT security. However, more is involved according to Allianz Global. While IT Security is vitally important, a comprehensive risk management approach is the foundation for cyber defence, according to their report.
Jens Krickhahn, expert for cyber and fidelity at Allianz Global, said: “Once you have purchased cyber insurance, it does not mean that you can ignore IT security. The technological, operational and insurance aspects of risk management go hand in hand.”
Please note: This article is a commentary on general principles and should not be interpreted as advice for your specific situation.
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