The consequences of having data compromised can extend beyond financials. They may cost a business its reputation and could possibly result in legal proceeding. And no organisation is immune, with large businesses such as Uber and Equifax having also suffered data breaches over the years.

Cybersecurity is expensive, but when compared to the cost of a cyber breach, it certainly pales in comparison. According to the 2022 IBM Cost of a Data Breach Report, the finance industry had the second highest cost per breach, averaging $5.97 million per breach.

As highlighted in our article on the Uber hack, cyberattacks are on the rise. Unfortunately, even when the best practices are followed, no one can guarantee complete protection. Businesses must take additional steps, particularly ensuring that important files are backed up to prevent data loss in the event of a breach.

SharePoint is a collaboration and communication platform developed by Microsoft. It can be used to build an organisation’s intranet and is the basis for effective file-based collaboration.

The popularity of this platform and its wide adoption by businesses makes it a natural target for cybercriminals. Unfortunately, some organisations are unaware of the vulnerabilities that out-of-the-box security defaults could present.

On Thursday, September 15th, 2022, Uber confirmed reports of a cybersecurity breach. Following an internal review, Uber reported that cybercriminals gained access via an account allocated to an external contractor.

The increased use of digital technologies to enhance or even create entirely new business models, customer experiences and working processes has led to a transformation in the way companies operate. While this change has been occurring over many years, there was an unrivalled acceleration during the pandemic.

For businesses in the financial services sector, taking out a tailored cyber insurance policy can make all the difference if something suddenly goes wrong. Financial institutions like asset managers, hedge funds, etc., face a wide variety of risks in their day-to-day operations, thus, an insurance solution that provides comprehensive protection is a necessity.