Risky Business

February  2014

People on Hand

Welcome to our first newsletter for 2014. We are looking forward to a rewarding year and wish you the same.
Research shows that many businesses are failing to protect themselves against cyber risks.

Please read more below. 

  Insurance News 

Businesses Failing to Protect Against Cyber Risks


The Institute of Risk Management (IRM), have research that demonstrates that many organisations are still failing to adequately protect themselves against the risk posed by cyber criminals. The survey of IRM members also revealed that 10% of respondents reported that at least one breach of their online systems had taken place in the last three years, with consequences ranging from regulatory fines to compensation costs, share price falls and reputational damage.

Companies need to understand their
potential exposures. We are seeing media reports almost every day about another organisation which has been the victim of a cyber-attack.  Usually it's the loss of corporate data, intellectual property or customers' financial details or even all three.  The consequences can vary from statutory fines (due to breach of privacy laws), law suits due to breach of confidentiality, and brand damage. It can lead to the complete failure of a business. For any modern business, their IT systems are their very life blood.


Cyber criminals can infiltrate an organisation's systems for days, or even years, without being detected despite the best anti-virus software and IT monitoring.
Businesses need to understand where the key
cyber risks exist within their organisation, how to detect them and how to protect themselves from this rising threat. We appreciate this has to be balanced with the right level of cost.
Thinking that it will never happen to you is unrealistic. We all need to understand the nature of the threat, identify what could be targeted and make sure that you have the
appropriate measures in place to protect yourself.

CPR Insurance Services are experts in
Cyber Risks. If you would like assistance with the technology and data security within your business and how to protect it, call us.




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See you next month.




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