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London Business Matters

BUSINESS CRIME & SECURITY FEBRUARY 2017 69 AND YOUR BUSINESS: Tackling Systemic Cyber Risk One by One ALL BUSINESS need to manage their risk. Most successful businesses have become excellent at managing risk – from understanding, prioritising, safeguarding against and having a plan to mitigate all manner of risk. Cybersecurity is a risk that all business struggle to manage. The risks are difficult to quantify and the threats can be difficult to recognise. Keeping systems up to data, deploying security software and protocols, managing network access and vulnerabilities is a huge challenge. How do you quantify cyber risks for your business? It’s a difficult question to answer and the answer largely depends on your business. What losses would your organisation sustain if there was a major data breach? What type of financial hit would happen if your email or website went down for a day or longer? The Global Cyber Alliance is committed to addressing systemic cyber risk. We believe that “The average cost of a breach to a large business is £1.46 million – £3.14 million and to a small business £75,000 – £311,000” through taking concrete action we can create positive change. We encourage business to do the same. By taking the time to understand the risks and what you, as a business owner can do to defend against the threats and manage your risks, you will be more agile and able to respond when the threats appear. Year after year cybersecurity risks increase. The breaches occur more often and the losses increase. There is not an industry or size of business that is safe from the threats. According to the PwC Information Security Breaches Survey 2015 (www.pwc.co.uk/assets/ pdf/2015-isbs-executive-summary-digital.pdf) 90% of large organisation’s suffered a breach in 2015 and 74% small businesses suffered a breach. The average cost of a breach to a large business is £1.46 million – £3.14 million and to a small business £75,000 – £311,000. And most businesses suffer from more than one breach – on average 14 for a large organisation and 4 for a small. The losses suffered add up quickly. For a large business the losses can skyrocket into the millions. While the losses for a small business may not reach those number, the damages can be just as, if not more,


London Business Matters
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