In the modern business environment, use of and interaction with electronic data and the internet is a normal - even critical - business activity. It can bring significant business efficiencies and growth opportunities, but also a range of particular risks that need to be understood and mitigated. For the purposes of this guide we are defining these as cyber risks, i.e. the specific risks that relate to the use of computers, information technology and virtual reality.

The costs and impacts can be considerable. For example:

• The government has recently published figures highlighting that the cost of cyber crime in the UK is £27 billion a year, of which £21 billion is cost to businesses. Nearly half of this relates to theft of intellectual property – a critical asset for many firms.
• The recently published National Security Strategy places cyber attack (including by other states, by organised crime and by terrorists) as one of the four highest priority risks for the UK currently and over the next five years.

Help is at hand

As with any risk, there is much that can be done to mitigate your position and protect yourself against costs, litigation and damage to reputation. As the world’s leading risk and insurance services firm, Marsh has a 140 year history of helping organisations respond to new and emerging risks. This document explains the risks, the risk management actions that can be taken and the insurance options available.

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