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- Gallagher-led cyber crime & extortion seminar alerts Yorkshire firms to rising risk
Nine in 10 Yorkshire businesses admit to being vulnerable to cyber attack
Nearly 90% of Yorkshire businesses represented at this week’s Arthur J. Gallagher cyber, crime and extortion seminar admitted they didn’t have proper protection from cyber attacks.
Over 100 business leaders from a wide range of sectors including property, construction, manufacturing and professional services, attended the seminar held in conjunction with information security experts Unipart Cyber Security.
The interactive event involved a live poll and highlighted how the threat to businesses is significant:
- Over 74% of small firms and over 90% of corporates are likely to suffer a cyber security breach
- The average cost of a breach for an SME is between £75,000 and £311,000, rising to £3.14m for larger firms
- Financial rewards for cyber criminals are high and the risk of being caught is low – so the threat will continue to grow
Delegates heard that, whilst it's important to invest in mitigation measures to reduce the risk of an attack being successful, cyber security experts never regard any system as 100% secure.
That’s why it’s essential to have the right insurance cover in place to protect against the financial consequences of an attack.
Keynote speaker and Arthur J. Gallagher Senior Account Executive, Andrew Marvin, commented: “Arthur J. Gallagher is about to launch an exclusive, innovative cyber insurance programme for UK clients, following the success of a similar policy in the US. We believe this will provide clients with the wide protection they need at affordable premiums and will become an essential part of their insurance portfolio.”