At a glance
- According to this recent study, 19 countries identified cyber risk as the top risk for doing business with another 9 countries listing it as #2
- So how can businesses respond to this growing threat?
- This article details three ways in which companies can protect against this increasing risk
The top risks for doing business in Europe, North America, East Asia and the Pacific are cyber attacks, according to the recently released “Regional Risks for Doing Business” published by the World Economic Forum. Against a backdrop of digital economies, rapid advancements in technology and the WannaCry / NotPetya cyber attacks of 2017, this should come as no surprise.
According to this recent study, 19 countries identified cyber risk as the top risk for doing business with another 9 countries listing it as #2. But while there are regional differences in terms of ranking, it is clear that cyber risks are now being viewed as a global concern – and one which knows no geographic boundaries.
So how can businesses respond to this growing threat? There are several ways in which companies can protect against this increasing risk:
- Build a culture of awareness: Cyber risks are no longer just an IT concern, nor are they limited to certain sectors of an organization. Every employee, from the boardroom to the mailroom, plays an important role in keeping an organization cyber-secure, and understanding their responsibilities for holding data securely.
- Adopt a mindset of cyber resilience: With reputational risk, economic losses and legal consequences on the line, it is crucial for companies to create and implement an incident response plan in the event a cyber incident occurs. Responding quickly and effectively will not only mitigate these risks, but also ensure a successful recovery in the long run.
- Practice, practice, practice: While practice may not always make perfect, it can be pivotal when responding to a cyber incident. Just having an incident response plan in place is not enough; it’s imperative that the plan is practiced and updated on a regular basis, adjusting as needed for different scenarios and variations of cyber threats.
As economies continue to evolve, there is no doubt that cyber threats will continue to increase on a global scale. Will your company be ready?
Download the Regional Risks for Doing Business report here. For more information speak to your usual Zurich contact.