Almost half of the London Market feels underprepared to deal with a cyber attack, according to research released this week. Only one third believe they have adequate measures in place to withstand a cyber assault, yet past figured suggest these companies may be somewhat optimistic.
Data released by business process and services firm Xchanging, which carried out a survey at the Xchanging London Market Conference earlier this month, reveals that 30% of respondents felt they are only partially protected, 16% insufficiently protected, and 18% unsure.
A total of 36% of respondents said they ‘definitely’ have sufficient measures in place to withstand a major cyber-attack. But give that figures quoted by the UK government in September revealed that 74% of small businesses, and 90% of major businesses admitted to discovery of a cyber breach in the last 12 months, the 36% may be overestimating their defenses.
Adrian Guttridge, executive director of Xchanging Global Insurance Services, said: “As custodians of vast amounts of data, insurers are also aware that they, too, are vulnerable to cyber breaches – and the reputational damage that this can cause.
“Insurance companies must take very seriously the extent of the risks they face and ensure their cyber security measures are constantly reviewed and updated. They should also be mindful that, in some areas, a collaborative, industry approach in which knowledge and skills are shared among peers, may be the most effective way to strengthen cyber defenses.”
