Insurance broker Gallagher is urging business owners to invest in safeguarding their enterprises, following new research identifying the industries targeted by cybercriminals globally.
According to the Verizon 2018 Data Breach Investigations Report, accommodation, education, finance, healthcare, information, manufacturing, professional services, public, and retail top the list of targets globally.
Gallagher said every business is a potential target – no matter their type, size, or industry – due to the connectedness between these organisations and their suppliers, customers, peers, and competitors.
“Cyber risk is now so present in almost all aspects of business operations that it is impossible to protect against completely, but exposures can be mitigated,” said Robyn Adcock, cyber technology practice leader at Gallagher. “Business operators need to change their mindsets to adjust to this new reality.”
Cyber criminals are harnessing ever-evolving technologies, including artificial intelligence and machine learning, internet of things connectivity, cryptocurrency transactions, and cloud security, to launch their attacks. But the Verizon report noted that it is still the human factor that poses the biggest threat to cyber security, with exploitation of user credentials the most common tactic employed by cyber criminals.
To protect their business, Gallagher said business owners should invest time and money to identify what needs to be protected, carry out their risk management plan, and implement practical cyber mitigation measures, including cybersecurity training and taking up insurance cover.
“Cyber insurance is designed to meet a variety of different challenges that can arise in the event of a data breach,” Adcock said. “We can help businesses proactively manage their risk exposures.”
