Lessons learnt with regards to cyber risk

How can businesses protect themselves in terms of cyber risk?

The year of 2020 changed the way in which many businesses went about their daily work.  Remote home working provided an opportunity to continue carrying out daily work duties but from home rather than in the office, to reduce the transmission of COVID.  For some employees, this new method of working could now be here to stay for the future.

What businesses learnt from this, is that it provided a more flexible option for employees, companies could reduce their office space and utilities requirements, whilst saving on transport and general running costs.

Unfortunately, what was realised very quickly, was that some IT equipment was not up to scratch, that IT systems weren’t always secure, that networks could be vulnerable and not everyone’s equipment was compatible.  All these aspects left hacking opportunities open for potential cyber risk threats which could bring down systems and access data – these would have been more guarded under a traditional central business based location where networks and IT is more supported and less fragmented.

Subsequently, new business processes were implemented as soon as possible, with particular focus on IT and cyber risk to ensure that companies improved their standards of IT equipment and that networks were made safer.

Staying ahead of cyber risk

Fast forward to 2021 and whilst many businesses have ironed out initial cyber risk teething problems.  However, cyber threats are forever changing and evolving, they are created to catch businesses and their employees out. It is important that IT systems including equipment and networks are regularly monitored via a cyber strategy, which can analyse cyber risk and ascertain where vulnerability lies within their IT systems.

To find out more about how to protect your business from cyber risks, please contact JRW Risk Solutions.  We provide cyber strategy insurance quotations to cover against cyber risk and help to protect commercial businesses against everyday IT threats.

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