With cyber attacks increasing 28% YoY and insurance premiums skyrocketing, organisations must reassess their supply chains

Cyber attacks are one of the fastest growing problems faced by businesses in the UK and worldwide. According to Checkpoint, the number of global cyber attacks has increased by 28% in the third quarter of 2022, compared to the same period in 2021.

It is predicted that with the increasing agility and “professionalism” of cyber criminals, the threat of both ransomware and cyber attacks on the supply chains will continue to grow.

The challenges for companies are enormous. It is extremely difficult to manage all hardware and software components from multiple providers, each potentially with its own requirements or security standards, and to adequately assess the resulting risk from, or through, the supply chain.

Insurance companies are also increasing their rates dramatically, higher premiums for both public and private organisations are a result of the rising demand for coverage in the light of frequent and costly cyber crime incidents. According to Marsh’s insurance pricing index, UK cyber insurance pricing increased by 66% in the third quarter of 2022, following a peak increase of 102% year-over-year in the first quarter of 2022.

Implementing appropriate organisational structures, policies, and processes to understand, assess, and systematically manage security risks to the network and information systems supporting essential functions is paramount.

At Methods we recognise that there is a fine balance between good security and business operation using a balance of business process, education, and technology to achieve a successful security outcome. We take an outcome-led approach, supported by mature processes, professional staff, and accredited technology. 

Organisations need protection from advanced cyber threat actors and we use the NCSC Cyber Assessment Framework (CAF) to help support organisations undertake a systematic and comprehensive approach to assessing the extent to which cyber risks to essential functions are being managed by the organisation responsible.   

From advanced cyber threat actors, we can enable the secure exchange of sensitive information, between domains managing cyber security risks according to the UK National Cyber Security Centre guidance to help address the security concerns, whilst ensuring that the business objectives will still be met. 

If you would like to discuss this service then drop us an email at cyber@methods.co.uk, or you can visit Cyber Methods or our Cyber Security page to find more.