Of the 346 senior decision-makers it spoke to at large businesses, 92% had been breached and 42% were concerned about history repeating itself in the future. And while 97% said they’d heard of the General Data Protection Regulation (GDPR), over half (57%) claimed they know ‘little’ or ‘nothing’ about it.
Cyber insurance is also little understood, with nearly three-quarters (73%) of business leaders admitting they have limited knowledge of this growing industry. The top internal threats identified by respondents were loss of paper or non-electronic devices (42%), malicious insiders (42%), human error (41%) and lost, stolen or discarded equipment (41%). The top external threats listed were hacking for financial gain (51%), hacktivism (46%), and hacking by a competitor (41%). Only 13% said they were worried about loss of customers as the result of a breach.
Inga Beale, Lloyds CEO, said that responsibility for cyber risk is sitting at the most senior level of businesses, but it is clear that too many firms do not believe that the dangers of a breach will severely impact them.
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