New EU Laws Push Senior Executives to Take Cyber Attacks Seriously

In light of the recent international ransomware attacks, it is clear the level of destruction that cyber attacks can have on a business or organisation. Over 250,000 computers in 150 countries were disrupted by the ransom malware. But why does it take this level of cyber attack for business bosses to take notice and start preparing for cyber threats?

 

Poor Preparation for Cyber Attacks

The WannaCry cyber threat has highlighted how many businesses are failing to adequately prepare for cyber risks. It is considered that many key decision-makers are not implementing integrated security systems due to the lack of perceived business risk. However, any business is exposed to data breach or cyber risk if they control sensitive data, a customer database, a website or use payment cards. Cyber insurance can help protect companies from risks and liabilities, from data hacking or data breaches.

Another reason why senior executives may fail to implement secure cyber attack preventions is a lack of understanding. Cyber security is often considered to be ‘an IT issue’ and many aspects of the risk involved is lost in the translation of ‘tech speak’.

 

New Data Protection Law

However, with the GDPR (or the General Data Protection Regulation) coming into effect, it is essential that more organisations take accountability and learn to correctly process and protect their data. Businesses have until May 2018 to ensure that have made the right changes to abide by the new law changes, including:

• Stronger rules when gathering consent to use personal data.

• Data breaches must be reported as soon as possible and if feasible, within 72 hours.

• Digital service providers must take appropriate security measures and notify any security breach incidents to the correct authority.

• All companies that target users or consumers in the European Union must abide by the GDPR, regardless of where their headquarters are located. 

 

A cyber liability insurance partner can help bridge the knowledge gap between IT and the board of directors. CyberGuru can help you identify which areas of your organisation may be at risk and how to protect your areas of priority.

If you would like to learn more about cyber insurance providers, Cyberguru, contacts us now for a free cyber liability insurance quote.