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Newly published research emphasises the risk of cyber attack for Guernsey businesses that fail to protect their data with the correct security measures and internal procedures.
A recent UK government report showed that 81% of large businesses and 60% of small businesses suffered a security breach in the last 12 months. Offshore businesses are among those who have fallen victim to cyber crime which can lead to serious financial and reputational damage.
"Living and working on an island means that Guernsey businesses are increasingly reliant on technology for global communication and storage of sensitive data. A lack of understanding about cyber crime and the risks it can pose often leads to an underestimation of the damage that can be caused by security breaches," said Collas Crill Group Partner and financial services regulation specialist Wayne Atkinson.
"Research published last year shows that to clean up and remedy a typical attack costs large firms between £600,000 and £1.15million and small firms between £65,000 and £115,000, yet half of business leaders interviewed did not realise cyber risks could even be insured. This is an issue businesses worldwide must address, including those here in Guernsey."
Wayne also suggested that Guernsey may have an opportunity to use best practice in cyber security as a unique selling point for offshore business in the island.
"If we can ensure that our businesses know and use best practices in this area, that's a great way for Guernsey to earn the trust of new clients and may be a determining factor for those seeking a safe, secure place to do offshore business. There could also be opportunities for the many Guernsey businesses that specialise in assessing, insuring or mitigating risks of a more general nature to develop a cyber offering as more businesses seek to address the risk of cyber attacks."
"It is easy to assume that this issue is entirely a technical one best left to the specialists, however to create a secure environment it is also crucial to have the correct policies and practical measures in place to minimise the risks associated with simple human error. Often this will require legal, compliance and HR engagement."
The final event in Collas Crill's spring seminar series will address both the legal obligations on businesses and how it is possible to minimise risk by protecting data and businesses from cyber threats.
The firm's Managing Partner, Jason Romer, will host the event and field audience questions to Wayne, who will be accompanied by president and founder of Ascot Barclay Cyber Security Group, Mike Loginov. Mike has over 30 years' experience advising a number of large international organisations across the private and public sectors.
The seminar, which costs £25 per person, will take place at 4 pm at the Duke of Richmond Hotel on Monday 20 April.
