14 August 2017Insurance

UK businesses unprepared for cyber-attack disruption: Lockton

UK businesses are unprepared for the potential length and severity of a cyber security breach, according to a new report by insurance broker Lockton.

Half of UK companies expect to be entirely operational 48 hours after a large-scale cyber security breach, according to a survey of senior decision-makers. Only 2 percent of UK businesses think a breach will affect them for more than 10 days.

“The fact that so few businesses are aware of the aftershocks caused by a cyber-attack is concerning,” said Peter Erceg, senior vice president of Global Cyber & Technology at Lockton said.

“It can take several months, if not years, to become entirely operational again after a large-scale breach – and for some firms a full recovery may be bridge too far. UK businesses are currently unprepared for the seismic waves that can decimate an organisation caught unaware.”

The report called “Cyber Aftershock: How UK companies underestimate the seismic waves produced by a data breach” includes 200 respondents surveyed in January and February 2017. Target respondents were chief financial officers, chief risk officers and chief information officers, directors of risk and general legal counsels.

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More on this story

17 July 2017   A major global cyber-attack has the potential to trigger $53 billion of economic losses, roughly the equivalent to a catastrophic natural disaster like 2012’s Superstorm Sandy, according to a scenario described in new research by Lloyd’s and cyber risk analytics modelling firm Cyence.