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Your monthly update from West Craven
Welcome to the West Craven Insurance January Newsletter. This month, we provide some helpful advice to keep you updated with the latest industry changes.
In particular, we take a look at:
- 50% of businesses only note cyber threats after an attack.
- Most common misconceptions about car insurance cover.
- Is travel insurance essential for a UK holiday?
- How to make your business go green.
We hope you enjoy this month's edition!
‘Inexpensive’ ways to protect your home as winter approaches
HEATING your home in the winter is a necessity for most Britons as temperatures are predicted to plummet over the next few weeks. But is your boiler up to it? Here's how to prepare and protect your system and avoid costly repair jobs.
Click here to read ‘Inexpensive’ ways to protect your home as winter approaches.
How workplace safety will evolve this year
Many firms are asking staff to return to work in the office. We are no longer required to self-isolate with Covid and there is no obligation for staff to tell employers if they test positive. So what does this mean for workplace safety in 2022?
Infection prevention
Many employers are experiencing an increased expectation from their workforce to keep staff safe and well. Employers should continue to prioritise infection prevention and control, where possible increasing ventilation, reducing contact between employees and keeping the workplace clean.
Remote working obligations
Now that businesses of all types have adapted to remote working, many have embraced it. Some have even altered recruitment policies to widen the pool of talent and actively recruited people on remote-working contracts.
In the rush to shift to remote working in 2020, a large number of employers may not have taken the time to complete home-based working risk assessments. Now that remote working is here to stay, it is important that risk managers take seriously the health and safety responsibilities of people working at home. From electrical equipment to posture, employers have a legal duty to take appropriate measures to ensure their staff have a safe working environment outside of the workplace.
Mental Health
Employers across the country are placing mental health and wellbeing high up on their agenda, offering training to line managers and appointing roles such as a mental health first aider. In 2021, The Health & Safety Executive’s annual report on workplace health and safety statistics, showed 451,000 people suffering from a new case of work-related stress, depression, or anxiety. That was a 30% year-on-year increase and we expect that figure to rise again.
Some employees will not feel comfortable returning to pre-pandemic working patterns. They may need help managing a phased return to the workplace, along with psychological support around coping with anxious thoughts.
For others, the last two years working from home may have taken a toll on their mental health. Employees working from home are more likely to feel isolated compared to those in a workplace, sometimes resulting in anxiety, depression and a significant lack of motivation. Employers should be reassuring employees that they can ask for help and receive support if they need it.
Disputes linked to safety concerns
Risk managers need to be aware of the potential for unrelated disputes to play out in a workplace safety context. An employee with a grievance about terms of employment, a flexible working request or even a performance-related issue, could latch onto workplace safety as a justification for a certain course of action.
It is more important than ever for risk managers to work in partnership with Human Resources departments as well as individual line managers, ensuring processes are well-documented and paper trail management is scrupulous.
Now is a great time to ensure your insurance policies cover you for all the risks to which you may be exposed. To discuss any aspect of your company’s insurance policy portfolio, get in touch.
Have you sufficiently prepared your car for the spring season?
As the warmer weather sets in, days become longer and the evening skies are brighter, we know spring has arrived.
Throughout the winter, we’re all guilty of neglecting our cars’ needs. After all, spending time out in the cold, snowy weather, checking fluid levels, testing brakes and cleaning from top to bottom is not everyone’s cup of tea.
So, why not treat your car to its very own spring clean this month? Here are three things you can get started with.
Do you need new wipers?
The snow, rain, and icy weather that we encounter throughout the winter can mean that you need new wipers by the time spring arrives. If you notice your windscreen is streaky or still dirty after you have cleaned it, this may be a tell-tale sign that now is the time to invest in some new wipers.
Have you tested your brakes recently?
Signs that show your brakes may be wearing include squeaking or grinding noises when applying pressure to the brake pedal. Brakes can be professionally tested and fixed during a routine service, ensuring you, your family and your car are all safe!
Did you know that leaving your car dirty can cause damage?
With gritted roads and melting ice, your car can get particularly dirty during the winter. Now that spring has arrived, why not get your cleaning products out and make your car look new? Leaving dirt on your car can lead to micro-scratches and rusting paintwork – not something any car owner wants!
Is your car insurance policy up for renewal soon? Our knowledgeable experts are here to ensure you take out a sufficient policy that covers all your needs. Get in touch today to find out more.
How workplace safety will evolve this year
Many firms are asking staff to return to work in the office. We are no longer required to self-isolate with Covid and there is no obligation for staff to tell employers if they test positive. So what does this mean for workplace safety in 2022?
Infection prevention
Many employers are experiencing an increased expectation from their workforce to keep staff safe and well. Employers should continue to prioritise infection prevention and control, where possible increasing ventilation, reducing contact between employees and keeping the workplace clean.
Remote working obligations
Now that businesses of all types have adapted to remote working, many have embraced it. Some have even altered recruitment policies to widen the pool of talent and actively recruited people on remote-working contracts.
In the rush to shift to remote working in 2020, a large number of employers may not have taken the time to complete home-based working risk assessments. Now that remote working is here to stay, it is important that risk managers take seriously the health and safety responsibilities of people working at home. From electrical equipment to posture, employers have a legal duty to take appropriate measures to ensure their staff have a safe working environment outside of the workplace.
Mental Health
Employers across the country are placing mental health and wellbeing high up on their agenda, offering training to line managers and appointing roles such as a mental health first aider. In 2021, The Health & Safety Executive’s annual report on workplace health and safety statistics, showed 451,000 people suffering from a new case of work-related stress, depression, or anxiety. That was a 30% year-on-year increase and we expect that figure to rise again.
Some employees will not feel comfortable returning to pre-pandemic working patterns. They may need help managing a phased return to the workplace, along with psychological support around coping with anxious thoughts.
For others, the last two years working from home may have taken a toll on their mental health. Employees working from home are more likely to feel isolated compared to those in a workplace, sometimes resulting in anxiety, depression and a significant lack of motivation. Employers should be reassuring employees that they can ask for help and receive support if they need it.
Disputes linked to safety concerns
Risk managers need to be aware of the potential for unrelated disputes to play out in a workplace safety context. An employee with a grievance about terms of employment, a flexible working request or even a performance-related issue, could latch onto workplace safety as a justification for a certain course of action.
It is more important than ever for risk managers to work in partnership with Human Resources departments as well as individual line managers, ensuring processes are well-documented and paper trail management is scrupulous.
Now is a great time to ensure your insurance policies cover you for all the risks to which you may be exposed. To discuss any aspect of your company’s insurance policy portfolio, get in touch.
Modern eco-homes: How much could it save you in the future?
The tides are changing for UK homes, and rather than relying on fossil fuels, millennials are transitioning to a more renewable way of living. With the cost of energy soaring to new heights in the midst of a climate crisis, homeowners are becoming more switched-on and opting for better insulation, high-emission boilers, and eco-friendly alternatives.
Since 85% of homes are still heated by carbon-heavy natural gas, the switch to renewable energy is heavily awaited by many. According to the Committee on Climate Change (CCC)*, the UK will not meet its climate change targets unless it eliminates most greenhouse gas emissions from homes, which currently account for around 14% of the UK's emissions.
In an effort to resolve this problem, some people are creating their very own eco-homes. This involves fitting low-carbon technology solutions to properties to make them eco-friendlier and more cost-efficient.
How much can you save with an eco-home?
Giving your home a complete green revamp is no cheap task, but when it comes to installing low-carbon energy-saving appliances around the house, you will eventually make your money back in savings on energy bills and the increased value of your home – while also doing your bit to help the planet.
According to data from TheEcoExperts*, by installing energy efficient appliances such as solar panels, roof insulation and double glazing, homeowners could save £1,863 each year – or £37,260 over 20 years.*
What’s more, using these low-carbon appliances could reduce your carbon footprint by 123.2 tonnes of CO2 over the next 20 years.*
How much can low-carbon technology increase your property’s value?
The next wave of first-time buyers will undoubtedly be seeking out greener houses that cost less to run. Eco-friendly features can increase a property’s Energy Performance Certificate (EPC) rating, and from April 2025, the government will enforce the requirement for all domestic tenancies to reach an energy efficiency rating of ‘C’ as a new minimum.
Alongside this, energy bills are set to continue rising, and the global focus on tackling climate change is likely to strengthen in the upcoming years. These two factors will dictate the impact that high EPC ratings have on house prices in the future.
Which products will save you money in an eco-home?
Solar panels
Solar panels are essential for any eco-home, as not only do they work effectively on their own, but they can also help power other low-carbon appliances such as heat pumps. According to The Energy Saving Trust, the average solar PV system costs around £4,800 and can save on average £530 annually* - that’s roughly £10,600 over 20 years.
Double glazing
Double glazing is becoming a must for most home-hunters, as its money-saving and eco-friendly benefits are ideal for keeping warm over the winter months.
The price will depend on the style and size of the window, as will the material of the frame. According to the Energy Saving Trust, swapping out single-glazed windows for A-rated double-glazed windows could save you £145 per year*.
Roof insulation
It’s widely estimated that a quarter of a home’s heat is lost through its roof; therefore, insulating this part of your property is vital if you want to save on energy bills.
Plus, roof insulation is much cheaper than many other home improvements – it typically costs around £530 for the average three-bedroom house.
Savings will depend on the type of property you live in – whether it’s a detached house, a bungalow, or a flat – but you can expect to save between £150 - £380 a year. This means you could earn your money back in savings within one or two years, and as a bonus, you could cut your carbon footprint by up to 11.6 tonnes of CO2 over 20 years.**
Summary
Eco-homes are still a growing trend, but with today’s fast-changing climate, it’s likely they’ll start to appear more frequently across the UK in the next decade.
If you’re thinking of creating your own eco-home, now is the perfect time to invest. The earlier you can start making lifelong savings and reducing your lifelong carbon footprint, the better. Even just taking green baby steps towards making your home eco-friendlier can make all the difference in the long run – you’ll slash your bills, help the planet, and keep your home cosy and warm over the winter.
To learn more, please contact us.
Energy Saving Trust*
The Eco Experts**
Should you let your car insurance automatically renew?
Letting your car insurance renew automatically may sound like an attractive option as you won’t need to put in any extra work, and you might be happy with the plan you’re on right now. However, this is one of the most expensive mistakes to make, as deciding not to seek out a better deal means your insurer can take advantage of your indifference and subsequently, hike up your premiums.
Without shopping around first, you could be missing out on endlessly cheaper deals on your car insurance, and there are countless other ways to drive that cost down even further. Here are our top tips:
Consider a telematics policy
Telematics car insurance bases your fees on real data about your driving behaviours, which can be recorded either through a black box fitted to the vehicle or a mobile phone app. As long as you’re a safe and careful driver, this is a great option for any age group, as telematics insurance can offer much lower premiums.
Limit your mileage
By limiting the number of miles you drive each year, insurers will see you as a lower risk, which will qualify you for cheaper insurance.
It’s pinnacle that you provide an accurate estimate of your mileage when getting a quote, as your policy becomes invalid if you’re dishonest.
Improve security
Consider installing security devices such as alarms, immobilisers, and locking wheel nuts.
You should always get a quote on how much your insurance would cost after these upgrades first, so you can weigh up whether the cost of these measures is worth the savings.
Increase your voluntary excess
Opt for a higher voluntary excess when you take out your policy, as it will lower the price of your insurance.
However, if you make a claim, you will have to pay the excess towards the cost of repairing or replacing your car, so make sure you are able to afford the excess just in case you do end up having to pay it.
Pay annually
A lump sum may seem daunting but paying monthly is a loan which comes with interest. This is why paying upfront is a substantially cheaper option if you have the funds to do so, and you won’t end up spending anything on borrowing.
Build up your no-claims bonus discount
Insurers reward drivers who are claim-free by discounting their premiums for cheaper insurance. So, keep driving safely and responsibly and you will see the benefits year-on-year.
Park with care
If you have a driveway or a garage, make sure you keep your car parked there overnight.
This will drastically lower your chances of your car being stolen or vandalised, and insurers may lower premiums as you’ll be seen as less of a risk.
Avoid modifications
Modifications of all kinds — whether they’re upgrades to styling, audio, or performance — could result in a large hike in the price of your insurance.
This is because features such as alloy wheels, body kits, and performance upgrades can make your car substantially more attractive to thieves, and your insurer will see your vehicle as a higher risk. Modified cars also tend to be more expensive to repair due to their expensive parts.
To find out more, please contact us.
Over half a million uninsured cars seized since 2018
Around 65,000 cars taken off drivers so far in 2022. More than 129,500 cars seized during 2020 pandemic. “Don’t take the risk” warns AA Insurance MD. More than half a million (542,370) uninsured cars have been seized since 2018 according to information collated by AA Insurance.
A Freedom of Information request to all 46 police forces across the UK discovered that so far this year 64,682 cars have been taken away from drivers for not having insurance. Despite the lockdowns and restricted travel throughout 2020, it saw the most uninsured vehicles seized with more than 129,652 cars taken off the road.
The Metropolitan Police took the most cars off the road with 62,900. West Midlands came second with 44,056 taken away and West Yorkshire completing the top three with 33,829 cars seized. More than 33,000 drivers in Scotland had their cars seized, compared to 22,700 Welsh drivers and 9,360 drivers in Northern Ireland. Kent Police did not respond to the request, while Cheshire Police advised that their systems could not easily determine how many cars had been seized for driving without insurance.
AA Insurance estimates there are approximately one million uninsured drivers on the road each year, however as the cost of living crisis deepens some drivers may be lured into driving without insurance. Gus Park, managing director for AA Insurance Services, said: “Every driver is worried about being involved in a collision, but worse still is the other party being uninsured. “With approximately a million uninsured drivers on the road each year, we believe it is right to protect our members with our Uninsured Driver Promise. This gives peace of mind to our customers should they be involved in a crash with an uninsured driver.
“Sadly, we know that when times are hard some people try to cut their costs, and one area people are tempted to chance it, is cutting out their motor insurance. However, these figures show that forces across the country are on the lookout and will take uninsured car away. “Don’t take the risk. Not only is there the chance of having your car seized, but the criminal and financial hardship is not worth the gamble.”
Should you let your home insurance renew automatically
Renewing your house insurance is essential. Without it, the costs of repairs can run into millions. It’s comforting to know that if somehow you forget to renew your policy; your house insurance will renew automatically. That’s right - you don’t have to do anything, and your home and its possessions will remain insured!
However, the catch is you could end up paying a lot more for the same level of cover by not shopping around. Whatever method you use; comparison sites, direct quotes or you’re married to an insurance broker, the truth is, while it’s not always the case, you will most likely end up paying over the odds.
Here are a few tips when renewing your home insurance:
It’s not always too late to change your mind
If your insurance automatically renews and you know it has cost you more money, remember the cooling-off period of at least 14 days. Sometimes longer, depending on terms, this will give you time before you must pay an expensive cancellation fee.
Shop around
A month before your policy expires shop around. Make good use of comparison websites, you are more than likely to find a better deal.
Haggle
If or when you find a better deal and your policy has not yet expired, ask your current insurance broker if they can match or at least improve on price. You might just be surprised at the answer! This is a proven method of driving down your insurance costs but beware you might not get the desired reduction in price.
Check the details
Always discuss and check the finer details of your policy. For example, your contents insurance policy may not always include bicycles stored in your shed, even if you have a contents insurance policy for your shed, as part of your home insurance policy. Don’t be afraid to ask lots of question of the broker to find out exactly what natural occurring events are insured. Flooding for example may not be covered.
Remember your excess
Check your voluntary excess thoroughly, different items and contents have different levels of excess. Equally, if there are items, for whatever reason, which are less likely to get stolen, damaged or do not hold much value to you, reduce the cost of your policy by paying a higher excess on these items.
Tailor your policy to suit your requirements
Almost anything can be insured so don’t be afraid to get a quote, if it exists chances are you can insure it.
Pay monthly
If you want to spread the cost of your insurance, pay monthly, but you will pay interest. A 0% credit card can give you a little more time to pay without paying what can be a substantially high interest rate.
Pay upfront
It might mean more money leaving your account on the day, but you will not pay interest on spreading the cost and if you find the right deal, you may find there is no need to finance the payments.
Consider multi-cover insurance
Bundling your house and car insurance can be cheaper than using two different brokers. However, it’s not guaranteed. It’s worth noting that if you do take this route just because you make a claim for your vehicle it does not mean an automatic hike in the price of your house insurance.
There are lots of options so set aside some time to examine them thoroughly, it could save you a lot of money.
Most common misconceptions about car insurance cover
The financial implications of a motoring accident can be colossal. This is why it’s important to give accurate information to your insurer and don’t let a few myths lure you down some very dark and dangerous roads!
Car insurance (like any insurance) is calculated by analysing elements of risk and the financial implications in the event of an accident. When you get a quote, you may find yourself answering question after question, but this provides your insurer with the key information they need to calculate that risk and subsequent costs involved in the event of a claim.
There are no hard and fast rules when it comes to car insurance. As an experienced driver, you may pay less than a driver who has only been driving for two years. Add some convictions, an extremely valuable car or if you live in an area with a low crime rate, then the premium will reflect this.
Insurance in some basic form has been around since the 14th century as have some of its accompanying myths or misconceptions. Here are a few misconceptions you need to look out for when it comes to car insurance!
Misconceptions and myths
Your occupation does not matter:
It can easily be misunderstood as not that relevant, but your occupation affects the cost of your premium. Don’t be fooled into thinking that it’s just part of the insurance company’s contact details for you. Different occupations or working environments may impact your premium more than others. A chef working in a licensed premises will pay a higher premium than if the same individual was working in an unlicensed premises.
Main drivers don’t need to be main drivers!
A good way to potentially lower your premium is to add a more experienced driver to your policy, but you should never imply that they are the ‘main driver’ if they are not. For example, if you add a parent to your policy but state that they are the main driver then your policy would be invalidated. Known as ‘fronting’, this deception has potential consequences, such as court and fines – so it’s not a good idea!
You do not need to mention non-fault accidents and claims
A very common misconception is that you do not have to inform your insurer of any accidents that you may have been involved in, even if they were not your fault. If you were involved in an accident or made a claim and are not liable, then you still must inform your insurance company and unfortunately, there is no guarantee that your premium will not go up.
Comprehensive policies cover you to drive any car
Some comprehensive policies allow you to drive any car, often up to a particular value if you have taken out a comprehensive policy. Be careful, this is not always the case. Do not think you can drive any car just because you have a comprehensive policy. Always check with your insurance company. Some insurance companies will cover you for any car you drive as part of a comprehensive policy, often only up to third-party cover when driving other vehicles. So don’t get caught out!
Third-party policies are always cheaper
Some customers will try and save money by opting for third-party cover. It’s true, it can be cheaper than comprehensive, but not always. Often the price difference is minimal, and compared to the potential risks involved, going comprehensive is easily worth the small increase in premium.
It’s all about the little details
Providing the right information is critical, equally for you it’s all about understanding the finer details of your policy, so you know what you are covered against. Policies can be tailored to your individual requirements so explore these options. For example, personal injury cover as part of your car insurance policy may be of great importance to you.
Is travel insurance essential for a UK hoilday
There’s a lot of appeal in opting for a staycation – beautiful beaches, splendid countryside; forests, mountains and lakes, theme parks and a rich tapestry of history with so many castles and monuments to visit and explore. There is also the added convenience of skipping the airport hassle; simply jump in the car and drive to your holiday. It’s so easy, and perhaps because of this, the popularity of the staycation is here to stay!
You book the hotel, campsite, guest house or lodge, you go shopping for some new clothes, and you even get the car serviced. But wait! Have you considered travel insurance? Perhaps you don’t think you need it. Yet if you look at what UK travel insurance covers, you might think otherwise!
So what are you covered for if you take travel insurance for your UK staycation?
Cancellations
Booking a holiday is expensive and if a member of your family becomes ill or injured and you must cancel, you could be out of pocket by thousands of pounds. If you are insured, you will be able to claim for this expense. At least then you will have the funds to re-book your holiday, instead of waiting for the next opportunity. Your priceless memories will simply be delayed for a time but not lost.
Personal liability
Picture this: you are having a great time, the sky is blue, the sand is golden - it’s like being abroad! While you are walking to the beach, you slip and break your ankle. With personal liability, you are covered along with many other potential injuries that may occur. Always check the details of what circumstances you may not be covered for. You don’t want to have a bad trip!
Travel and accommodation
If you need to pay for extra travel costs or accommodation costs due to injury you will also be covered.
Supplier bookings
If you use any booking companies for your holiday and they go into administration, then you will be compensated.
Baggage and personal items
You can easily damage or lose property on holiday. Beware, sometimes pricier items such as bikes or phones may not be covered or might have a large excess, or they may only be covered up to a certain value. It’s worth noting that if you have home contents insurance your policy might already cover these items.
Hospital transfers
Even with the wonderful NHS, chances are if you are admitted to hospital while you are on holiday, you will be some distance from home, and if you have to pay to get transferred, you are covered.
Relax
Having the right insurance helps you to kick back and not worry about the ‘what ifs?”
Chances are that your holiday will be a beautiful and joyous experience, and with the added peace of mind that travel insurance brings, you might find it helps you to relax all the more.
How to make your business go green
Going green is good for your business! Tax incentives, greater cost efficiency, not to mention a modern, healthy and more fulfilling workplace resulting in a happier workforce. Today customers choose greener companies not just because it’s on-trend and something to feel good about, rather most people passionately and deeply care about the well-being of our beautiful planet.
Appraisal
Assessing how green your organisation is does not have to be hard work. Most likely there are a lot of sustainable policies already implemented. There is always room for improvement, so look at all aspects of your business. Greater efficiencies which are eco-centric will often result in a reduction in costs.
Collaborate and communicate
Involve your entire team in this process and consider this something you are constantly striving to improve. Give all team members a voice, and encourage creativity and ideas on all aspects of making your business greener. However you do it; create a central hub, conduct brainstorming sessions or use a simple suggestion box - made from recycled materials of course! Make sure you reward the people that make your organisation. Make the process of reducing your collective carbon footprint fun and engaging.
Recycle and use recycled
Create and implement a thorough recycling disposal facility. Lead the way by making your rubbish bins the best in your area! Make sure you have the right bins for the right waste. Not just one for cans and one for general waste, but paper, electronics, and plastics too - go the extra mile!
Use recycled products, not just the usual culprits; paper, metals, bags and packaging, take it to the next level. Think about furniture, tyres for your company vehicles and fixtures and fittings so the very fabric of your business premises is kind to the environment.
Electric vehicles
Whether you have a fleet of cars or a single van, go electric and when you advertise your logo, the world can see that your company is doing its bit to protect the planet.
Solar panels
Using solar panels will save your business a fortune on energy costs. Yes, there is an initial outlay, but see it as a great investment!
Use green suppliers
Working with eco-conscious suppliers, sustainable suppliers and distribution companies will help create and project a greater greener brand image to the world. There is no point in implementing green policies to then be associated with a company with a bad green image.
Implement a green space
By creating an indoor or outdoor space that’s bustling with trees and plants, your workers will have somewhere to de-stress on their breaks so they can return to work with higher morale. Nature in bloom adds clean air and beauty to your workplace, which means a happier and more productive team.
Events
Organise fundraising events and team days where health and well-being are the central themes. Fun runs, cycle events or walks celebrating the countryside or city and suburban green spaces, are all great ways to raise money for green causes. Raising funds for research-based causes will offer proof of your business’s commitment to saving our planet through innovation and is a great PR opportunity for your business.
Let’s commit to the future together
Making your business greener takes commitment. The more businesses that work together to get on top of climate change, the better the world in all its splendour will be.
50% of businesses only note cyber threats after an attack
When it comes to managing cybersecurity, the approach from leadership within the business is vital. In the UK, there currently appears to be a lack of engagement in the persistence that is needed for preventative measures. According to a new report from the Department for Digital, Culture, Media & Sport (DCMS), half of businesses aren’t responding to cyber threats until it is too late.
The government department recently published a policy paper entitled “Exploring organisational experiences of cyber security breaches”, which outlined the findings of the DCMS’s qualitative study on the level of cybersecurity measures organisations have in place, before and after a data breach. Ten organisations were included in the study, all of which have experienced cyber breaches in the last four years. The organisations’ IT personnel along with various members of staff, were interviewed on their thoughts about how their businesses handled the incidents.
Out of the 10 case studies surveyed, the DCMS found several key findings:
Lack of vigilance and preparation
In response to increasing levels of cyber risk, almost 100% of participants agreed that there was a need for greater levels of vigilance and investment in adequate cybersecurity. However, while larger and medium organisations reported to have formal plans in place and budget allocated for cybersecurity investment, a substantial number of smaller organisations said they do not, citing resource constraints. This has lead to small businesses’ responses to growing cyber threats appearing to be reactive rather than proactive.
Insufficient leadership
Most surveyed staff indicated that their leadership were compliant and aware of the importance of investing in cybersecurity, not all were sure that their leadership teams fully grasped the ‘scale of the threat’, or the ‘cultural transition’ needed to meet the growing challenge.
Weak utilisation of cybersecurity technology
Most of the staff acknowledged that their organisations put more emphasis on technology than employees to stay secure. Technology was described by some as a tool to ‘help people do the right thing’. This underlines the notion that employees and their work culture are posing more of a cybersecurity ‘weak spot’ than the technology being used at their organisation.
Attacks resulting in action
On the positive side, the survey found that the breaches demonstrated the severity of cyberthreats to leadership. Many of the organisations were observed to have become engaged in their cybersecurity challenge post-breach and have since proved more serious intent towards improvement.
Weighing up the consequences
Few organisations attempted to accurately quantify and review the financial impact of the breaches suffered. Similarly, few among the organisations implemented a ‘lesson learned’ process in the aftermath of a breach.
Conclusively, the findings further establish the importance of preventative measures against cyber threats and the weight of the aftermath for organisations if actions are taken too late. Adequate leadership and staff training in cybersecurity technology is just as important as the technology itself, and businesses are suffering further losses, without competence in understanding the severity of cyber threats emerging.
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