Many of the UK’s biggest firms have been told to be more aware of cyber-attacks to avoid falling victim to cybercrime, according to the Government’s annual FTSE Cyber Governance Health Check report.

The report looks at the approach the UK’s FTSE 350 companies take for cyber security and found that many of the top boards do not understand the impact cyber-attacks have and how it can affect their businesses. The report revealed that the majority of businesses (95%) do have a cyber security incident response plan in place, but 43% fail to test them on a regular basis.

Digital Minister Margot James said: “We know that companies are well aware of the risks, but more needs to be done by boards to make sure that they don’t fall victim to a cyber-attack.”

“This report shows that we still have a long way to go but I am also encouraged to see that some improvements are being made. Cyber security should never be an add-on for businesses and I would urge all executives to work with the National Cyber Security Centre and take up the government’s advice and training that’s available.”

Awareness of the threat of cyber-attacks has increased, with almost 72% of respondents acknowledging the risk of cyber threats is high. The report also shows that the implantation of GDPR in 2018 has had a positive effect on increasing attention to cyber threats.

With global cybercrime damages predicted to grow it’s important for all businesses to have steps in place to avoid breaches. At G&M International our Cyber Insurance can provide financial reimbursement, as well as a 24 hour 365 day helpline (also known as Breach Response) which gives businesses access to forensic accountants and lawyers, data recovery experts, PR companies and a whole host of professionals who can help in the mitigation of losses and the recovery of systems.

For more information about our Cyber Insurance or to discuss your cyber needs call us on +44 (0) 207 977 1490.