“European companies must act now to protect themselves against the growing threat of cyber crime.”
The warning comes from Lloyd’s, which claims that most firms don’t understand the cyber risks they are facing.
Whether it’s a leaked email, stolen laptop or network-crippling virus, Lloyd’s reckons that cyber threats are currently at an unprecedented scale, leaving the intellectual property and commercially sensitive data of thousands of companies at risk.
Even so, according to a recent poll at Marsh’s annual Communications, Media and Technology conference, only 11% of delegates felt confident that their current cyber-insurance met their organisation’s needs.
And looking ahead, businesses need to start factoring in the introduction of new EU data-protection legislation in 2014 that will make it compulsory for European organisations to notify clients or customers of any data breach.
Lloyd’s sums up: “There is a clear call for the insurance industry to engage with businesses to ensure they are provided with appropriate risk solutions.
“Businesses need to avoid the misconception that cyber crime won’t happen to them, because it can and probably will.”