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THOUGHT LEADER
T he rise in cyber attacks isn ’ t just a financial headache for businesses ; it ’ s also a major reputational risk . Customers , partners and investors are more security-conscious than ever , and a single crack in an organisation ’ s armour can shake their trust and loyalty .
Despite perceptions that cyber security risks are declining , the reality is quite the opposite . According to the Hiscox Cyber Readiness Report 2024 , over two-thirds of firms report an increase in the number of times their organisation experienced a cyber attack in the past 12 months , with human error being one of the greatest liabilities particularly , in the age of remote working .
As these attacks grow in frequency and sophistication , they reveal some serious gaps in businesses ’ defences , so leaders must recognise the importance of a strong cyber security strategy for safeguarding their reputation . But it ’ s not just about protection ; a robust approach to cyber security can enhance business innovation and growth too .
The wider costs of cyber attacks Cyber attacks can have a significant impact on a company ’ s balance sheet , with many organisations financially unprepared for such events . Over a quarter ( 26 %) of business leaders surveyed said their organisation lacks the sufficient resources to effectively manage the financial risks associated with a cyber security threat . When systems are compromised , organisations often face significant interruptions ,
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