Kroll’s 2023 report on a cross section of American, EMEA and APAC firms reveals that when it comes to cyber threats, trust is imperative; in teams, tech, intelligence sources, with support businesses and third party providers.

The key findings of the report were;

  • Almost half said that they had a lack of trust in their environment, to defend against
  • cyber actors
  • Lack of communication had a big effect – and It’s hard to trust when you don’t
  • understand something
  • Outsourcing cyber security has gathered pace – with 98% of those not outsourcing
  • saying that they are considering it
  • Multiple cyber security tools make the problem worse not better

The average number of tech systems which involved a measure of cyber security was 8.

End point detection and response (EDR), a key plank in cyber security management, was not understood nor realised by the majority.

Only 1 in 5 had Insurance policies to protect against cyber threats.

The biggest challenges were;

  • (42%) lack of trust in employees to be able to avoid a cyber incident
  • (38%) lack of budget
  • (37%) lack of understanding about cyber maturity

A lack of communication was given as the main cause of deterioration in cyber defense capability and operation in UK, US and Singapore.

We have evidenced catastrophic claims from GDPR events, hacking events and data leakage. It is possible that Directors are exposing themselves to liabilities in not seriously considering protection for the firm. Many Insurance brokers do not know how to vocalise how cover operates effectively, and do not understand the scope of cover in the first place.

If you are a UK business and you feel that your knowledge of how best to protect your firm is not what it should be, call us on info@qualitypi.co.uk

QPI – quality, protection and integrity.