Take a look at the top 5 concerns that business owners face going forward in 2018.
Confidence in potential growth both within the United Kingdom and abroad is high and has caused the attitude in UK boardrooms to be the most optimistic it’s been in 18 months, according to the FT-ICSA Boardroom Bellwether survey. However, this enthusiasm is not without its complications. In fact, there are several situations that UK boardrooms are worried about in 2018. According to the survey, the most pressing of these include the following:
1. Exposure to cyber-risk is a concern for 80 percent, as they believe that the possibility of them being affected is rising
2. Protecting their reputation while also being transparent is a major concern for 85 percent of boardrooms.
3. The GDPR is still on the minds of many board members, as 11 percent believe that they will not be ready by 25th May.
4. A third of organisations find the gender pay gap reporting process to be difficult.
5. A shocking 33 percent of board members do not know if their sexual harassment policies and guidelines are effective and sufficient.
GDPR and Cyber:
Number one and number three on the list are interrelated. GDPR is coming into force in May 2018 and is the biggest overhaul in data protection regulations in the last 20 years, promising much stricter penalties for poor data security.
The value of a strong cyber insurance policy will continue to grow in value with the modern business world exposing almost every business in every industry to cyber-threats.
Cyber insurance policies can include important benefits such as business interruption cover, digital forensic support, management liability and media liability amongst other things.
As every businesses exposure to cyber threats differs, it is important to create a policy that suits your particular requirements as well as putting effective risk management solutions in place.