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Existential risks business leaders should be aware of today with BusinessRiskTV
We are in an existential crisis on so many fronts. Geopolitics threatens around every corner domestically in UK and around the world. Technology could create societal threats and even AI attacks on humans! Pandemic threats are closer than we could ever imagine last century.
However each of these threats presents opportunities to take the upside risk. Turn the threat into an opportunity to grow and prosper.
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Top thought leaders including academics business leaders and policy makers think cyberattacks in top 5 risks facing businesses. The latest World Economic Forum WEF Global Risks Report says we should be focusing resources on cyber risk management.
The risk of theft of data and money as well as cyberattacks resulting in disruption and damaged infrastructure remains very high. It is unlikely that this risk level will fall given the increased use of technology in every aspect of our lives and business.
What can be done to mitigate the threats and seize new business opportunities
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We work in collaboration with other business risk management experts around the world to help solve corporate risks and below is risk information to help you understand part of the solution for cyber risk management – cyber insurance.
Cyber Risk Risk Management Solutions Cyber Insurance Featured Article
Neil Gurnhill CEO Node International Explores Cyber Insurance To Protect Businesses Better
Business Activity Risk Profiling VS Scaremongering Will Increase Your Cyber Insurance uptake
The key to engaging with a potential client to discuss and provide cyber-risk insurance is to approach the discussions from their real business activities’ needs rather than any generalised knowledge they have gleaned from recent cyber-security threats or events reported in the national broadcast and newspaper media.
For example, most retail brokers engage too early in conversations about ‘hacking’, ‘denial of service’, ‘phishing’ and ‘social engineering’ and such like. As important as these topics are, it can often lead to a conclusion that the potential client has not been directly affected by these matters to date, therefore, they don’t need cover. Don’t forget the basic premise of insurance – it provides security for the future!
Our extensive experience at Node International, particularly in the USA and Europe, clearly tells us that the correct, and more successful approach is to start with an evaluation of the potential clients business activities.
For examples each of these activities has a cyber-risk profile so even though the potential client has not dealt with (say) a denial of service attack, the fact that over 80% of their business depends upon an ecommerce website highlights the substantial cyber-risk. Or they are highly dependent on a supply chain and/or contractor, of which they know little about their cyber-risk policies, again highlighting their potential cyber risk through the failures of others.
Taking this business activities profiling approach is a very logical systematic approach that engages the potential client. It is also quite simple to conduct. Start with a conversation about ‘mapping’ the high priority business activities and start introducing the question, ‘’What happens if…’’ Think of it as an ‘heat map’ of the business. When viewed overall, the client then sees the totality of cyber-risk they face. Then, the most effective cover can be assessed and priced accordingly.
It’s important not to think of early conversations as ‘selling cyber-insurance’ but providing an expert and value-added service to the clients. It is likely that they know very little about cyber-security and cyber-risk so building up the ‘heat map’ though sensible discussion helps the client. Nowadays, ‘helping the client to buy’ is far more effective than ‘selling’.
This is where Node International scores highly. As a wholesale broker and underwriter at Lloyds of London you can tap into our expertise and assistance. For example, by talking to one of our brokers before you go and see a client could help you tremendously. Even if you have never used Node International before, our brokers and underwriters are here to help you build your business.
Finally, lets step back a little. In the last two decades there has been a huge increase in businesses that are now dependent upon their technologies and digital capability. And, of course, the constant threat scenarios they face each day. From our experience, literally 99% of modern businesses (from small to large across all sectors) face at least one cyber-risk in their ‘heat map’. In effect, every business call you make is a potential satisfied client providing you approach it correctly and have a ‘value-added service’ at the forefront of your mind. As mentioned before, we can assist you with this essential skill.
Contact Neil Gurnhill CEO Node International for more help with Cyber Insurance
Email – neilg@nodeinternational.com Direct line – 02033 208983 Tel – 07823 888413 Lloyds Chambers, 1 Portsoken Street, London, E1 8BT
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BusinessRiskTV Hackers News: Protecting Your Business in the Age of Cyber Threats
In today’s interconnected world, the threat of cyber attacks and hacking has become an ever-present concern for businesses of all sizes. The advent of advanced technologies and the widespread use of the internet have created new opportunities for hackers to exploit vulnerabilities and gain unauthorised access to sensitive information. In this article, we will delve into the BusinessRiskTV Hackers News and explore the importance of cybersecurity measures for protecting your business from potential threats.
The Rise of Cyber Threats
The past decade has witnessed a significant rise in cyber threats, with high-profile hacking incidents making headlines around the world. Cybercriminals employ various tactics, such as phishing attacks, malware, ransomware, and social engineering, to compromise computer systems and steal valuable data. These attacks can have severe consequences for businesses, including financial losses, damage to reputation, and legal implications.
BusinessRiskTV Hackers News: Stay Informed and Vigilant
To navigate the complex landscape of cybersecurity, businesses need to stay informed about the latest hacking trends and best practices for protection. BusinessRiskTV Hackers News serves as a valuable resource for professionals, providing updates on emerging threats, case studies, expert insights, and practical advice on safeguarding digital assets.
By following BusinessRiskTV Hackers News, organisations can stay ahead of potential threats and proactively implement robust security measures. This proactive approach is vital because, in the face of ever-evolving hacking techniques, businesses must continuously update their defenses to counter new threats effectively.
Understanding the Impact of Cyber Attacks
A cyber attack can have severe consequences for businesses. Apart from financial losses resulting from stolen funds or disrupted operations, organisations may face significant reputational damage. Customers and partners lose trust in businesses that fail to protect their sensitive information, resulting in potential long-term consequences for brand image and customer loyalty.
Additionally, the legal and regulatory landscape surrounding cybersecurity has become more stringent in recent years. Governments worldwide are enacting laws and regulations to hold businesses accountable for data breaches and privacy violations. Failure to comply with these regulations can lead to hefty fines and legal repercussions, further highlighting the importance of prioritising cybersecurity.
Developing a Comprehensive Cybersecurity Strategy
To mitigate the risks posed by cyber threats, businesses must develop a comprehensive cybersecurity strategy that encompasses both prevention and response. Here are some key elements to consider:
Risk Assessment: Conduct a thorough assessment of your organisation’s vulnerabilities and identify potential entry points for cyber attacks. This process involves analysing your IT infrastructure, networks, software applications, and employee practices to identify areas that require attention.
Employee Training and Awareness: Human error remains a significant factor in cybersecurity breaches. Educate your employees about best practices for data protection, recognising phishing attempts, and maintaining strong passwords. Regular training sessions and awareness campaigns can help foster a culture of cybersecurity within your organisation.
Secure Network Infrastructure: Implement robust security measures to protect your network infrastructure. This includes deploying firewalls, intrusion detection systems, and regularly updating and patching software and hardware.
Data Encryption: Encrypt sensitive data to ensure that even if it is accessed unlawfully, it remains unintelligible to unauthorised individuals. Encryption provides an additional layer of protection for your most valuable information.
Incident Response Plan: Develop a comprehensive incident response plan that outlines the steps to be taken in the event of a cyber attack. This plan should include processes for isolating compromised systems, notifying relevant parties, preserving evidence, and restoring operations.
Collaborating with Cybersecurity Experts
Given the complexity and evolving nature of cyber threats, businesses can benefit from partnering with cybersecurity experts. These professionals possess specialised knowledge and experience in identifying vulnerabilities, implementing effective security measures, and responding to cyber attacks. By leveraging their expertise, organisations can enhance their overall cybersecurity posture and respond more effectively to potential threats.
BusinessRiskTV Hackers News provides a platform for businesses to connect with cybersecurity experts and gain valuable insights into the latest trends and best practices. By engaging with this community, businesses can access expert advice, receive guidance on risk assessment and mitigation strategies, and stay updated on emerging technologies and solutions.
Furthermore, collaboration with cybersecurity experts can help businesses in the following ways:
Vulnerability Assessments: Experts can conduct comprehensive assessments of your systems and infrastructure to identify vulnerabilities that may be exploited by hackers. They can perform penetration testing, analyse your network architecture, and recommend specific measures to strengthen your defenses.
Security Solutions Implementation: Cybersecurity experts can assist in the selection and implementation of security solutions tailored to your business needs. This may include deploying advanced threat detection systems, intrusion prevention systems, endpoint protection tools, and secure data backup solutions.
Continuous Monitoring and Threat Intelligence: By leveraging the expertise of cybersecurity professionals, businesses can establish continuous monitoring systems that track network activity, detect anomalies, and proactively identify potential threats. Additionally, experts can provide real-time threat intelligence, ensuring that businesses are aware of the latest hacking techniques and can adapt their defenses accordingly.
Incident Response and Recovery: In the unfortunate event of a cyber attack, having cybersecurity experts by your side can significantly enhance your incident response and recovery capabilities. They can guide you through the process of containing the breach, mitigating damage, and restoring systems to normal operations. Their expertise can help minimise downtime and prevent further compromise.
In an era dominated by digital transformation and interconnectedness, the threat of cyber attacks is a constant concern for businesses. The BusinessRiskTV Hackers News serves as a valuable resource, providing businesses with up-to-date information, expert insights, and practical advice on cybersecurity measures.
By staying informed and implementing a comprehensive cybersecurity strategy, businesses can effectively mitigate the risks posed by cyber threats. Collaboration with cybersecurity experts further enhances their ability to protect sensitive data, maintain business continuity, and safeguard their reputation.
Remember, cybersecurity is not a one-time effort but an ongoing process. Businesses must continuously adapt and evolve their defenses to keep pace with the ever-changing threat landscape. By prioritising cybersecurity and leveraging the resources available through platforms like BusinessRiskTV Hackers News, businesses can proactively defend against cyber attacks and secure their digital future
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