“Buying insurance is only one aspect of a rounded strategy”
Ian Anderson, Field CTO, Natilik
Do you agree with the ABI’s assertion that every company should have cyber insurance?
Can a business afford not to have cyber insurance? Every business today is either natively digital or will rely upon digital technology to function, therefore the risk of a cyber-attack incapacitating their ability to operate should be at the forefront of their wider risk management strategy. Organisations will insure for physical assets and general and professional liabilities without a second thought; cyber insurance should also be non-negotiable.
However, with high profile breaches increasingly in the news and the proliferation of government regulation (such as NIS2 and DORA), organisations must continuously review and update their cyber security posture, as buying insurance is only one aspect of a rounded strategy. Investment in security technology, tooling and support services is essential.
Equally, every business needs to have a mature top-down security process in place to deal with an inevitable breach so they can act quickly and decisively to minimise any impact on their ability to trade. Both these aspects are where the partner community can and is supporting our clients today.
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