Cyber attack RISK: Companies underestimating recovery time from large scale attack
BRITISH companies are massively underestimating how long it would take them to recover from a large scale cyber attack, according to new research from insurance broker Lockton.
UK companies are underestimating how long it would take to recover from a large scale cyber attack
It found that half of the companies it surveyed believed that they would be fully operational within 48 hours after a large scale attack, rather than months or years.
The broker also found that only 2 per cent of businesses thought that a crippling attack would affect them for more than 10 days.
It can take months, if not years, to become entirely operational again
Lockton senior vice president of global cyber and technology Peter Erceg said: “The fact so few businesses are aware of the aftershocks caused by a cyber attack is concerning.
“It can take months, if not years, to become entirely operational again after a large scale breach and for some firms, a full recovery may be a bridge too far.”
Lockton found that only 2 per cent thought an attack would affect the business for more than 10 days
Director of Europol SHOCKED by the scale of cyber attack
The firm surveyed 200 businesses and found that 52 per cent did not take into account loss of customers when calculating the potential cost of a cyber attack, while 46 per cent did not factor in possible regulatory fines.
In June firms such as advertising giant WPP, Nurofen maker Reckitt Benckiser and Cadbury owner Mondelez were hit by the Petya ransomware cyber attack.