Do you need help with Cybersecurity?
A major cyber attack, especially one involving ransomware, can hit your business hard. We’re talking about costs of around £3,000 per staff member just to get your IT systems back up and running. And that’s not even counting the lost business. On average, companies are looking at 14 or more working days of downtime. That’s a serious amount of time for things to grind to a halt.
It’s clear that just having cyber insurance isn’t the whole answer. While it’s important, you really need to get a handle on your specific risks. This means doing a proper risk assessment, not just a penetration test. A penetration test shows you if someone can get in, but a risk assessment helps you understand what could go wrong and what you need to do about it.
Key Takeaways
- Cost of Recovery: Expect to spend roughly £3,000 per employee for IT recovery after a major cyber incident.
- Downtime: Average downtime can stretch to 14+ working days, significantly impacting business operations.
- Risk Assessment is Key: Don’t rely solely on cyber insurance. Conduct a thorough risk assessment to identify and address vulnerabilities.
- Penetration Testing vs. Risk Assessment: Understand the difference; a risk assessment is broader and more strategic.
- Ongoing Process: Managing cyber risk isn’t a one-off check; it requires a continuous workflow incorporating best practices.
- Free Solutions Exist: Some risk mitigation steps are surprisingly free.
Understanding The Real Impact
When you think about a cyber incident, it’s easy to focus on the immediate technical fixes. But the real impact goes much further. The downtime alone can cripple a business. Imagine not being able to serve customers, process orders, or even communicate internally for two weeks. That’s a massive hit to revenue and reputation.
Why A Risk Assessment Matters
So, what’s the difference between a penetration test and a risk assessment? Think of it like this: a penetration test is like a security guard trying to break into your building to see if they can find a way in. A risk assessment is like a building inspector looking at the whole structure, identifying weak points, potential hazards, and suggesting improvements to make it safer overall. It’s about understanding the likelihood and impact of various threats, not just testing a single entry point.
Building A Better Defence
We can’t make anything 100% secure, that’s just a fact. But there’s a lot we can do to significantly reduce the risks to your organisation. It’s about creating a workflow that includes the best practices for cybersecurity and actively works to mitigate the risks you face right now. And the good news is, some of the most effective steps you can take don’t cost a penny. Reviewing your current cyber insurance and understanding your specific vulnerabilities through a risk assessment are the first big steps towards getting cyber ready.
