UK businesses are reportedly underestimating how long the effect of a cyber attack will last, with 50% expecting to be fully operational after just 48 hours following an attack.
In a report produced by Lockton, linked below, it was suggested the actual recovery time could take months or years.
Lockton’s report indicates that UK businesses are currently unprepared for the seismic waves that can decimate an organisation caught unaware. The report shows that only 52% of businesses take into account the loss of customers when calculating the possible business impact of a cyber breach, whilst 72% consider loss of revenue and 69% count the cost of data loss.
There is concern that board engagement is low but effective cyber breach planning must involve stakeholders from across the business, and not just left to the IT specialists. The report found that 26% of businesses do not always make staff aware of cyber security policies, despite 95% of cyber breaches being a result of human error.
Further reading is available in the full report here Lockton cyber security report. Should readers wish to discuss cyber insurance matters then please get in touch with us.