By Lori Bailey, Global Head of Cyber Risk
The top risks for doing business in Europe, North America, East Asia and the Pacific are cyberattacks, according to the recently released “Regional Risks for Doing Business” published by the World Economic Forum in partnership with Zurich on November 12. Against a backdrop of digital economies, rapid advancements in technology, and the WannaCry and NotPetya cyberattacks of 2017, this should come as no surprise.
According to this recent study, 19 countries identified cyberthreats as the top risk for doing business with another nine countries ranking it as #2. But while there are regional differences in terms of ranking, it is clear that cyber risks are now viewed as a global concern – and one which knows no geographic boundaries.
So how can businesses respond to this growing threat? There are several ways companies can help protect against this increasing risk:
- Build a culture of awareness: Cyber risks are no longer just an IT concern, nor are they limited to certain sectors of an organization. Every employee, from the boardroom to the mailroom, plays an important role in keeping an organization cyber-secure, and understanding their responsibilities for holding data securely.
- Adopt a mindset of cyber resilience: With reputational risk, economic losses and legal consequences on the line, it is crucial for companies to create and implement an incident-response plan in the event a cyber incident occurs. Responding quickly and effectively will not only help mitigate these risks, but also ensures a successful recovery in the long run.
- Practice, practice, practice: While practice may not always make perfect, it can be pivotal when responding to a cyber incident. Just having an incident-response plan in place is not enough; it’s imperative that the plan is practiced and updated on a regular basis, adjusting as needed for different scenarios and variations of cyberthreats.
As economies continue to evolve, there is no doubt that cyberthreats will continue to increase on a global scale. Will your company be ready?