1 March 2021

As cybersecurity continues to affect the bottom line of many companies, the need to continually assess and improve your security posture is paramount. As cybersecurity threats and data security events continue to evolve, understanding the costs and resources necessary to respond to a data breach is essential. While incidents at government organisations or larger companies tend to get most of the coverage in the media, attacks on private and small to medium enterprises (SMEs) often result in more harmful reputational and financial damages.           

Recent data has shown how hackers and other criminal enterprises are increasing their focus on SMEs. SMEs are often softer targets as they typically do not have the same depth of controls and protections in place as larger companies to quickly identify and prevent a breach. Knowing the costs associated with potential attacks can help you understand the challenges you are up against, and develop a proactive risk strategy.         

A recent study by RSM US found that:

  • The number of claims involving breaches from ransomware has increased dramatically in recent years.
  • Overall, ransomware was the leading cause of loss.  
  • Ransomware, business email compromise and staff mistakes were the leading cause of loss for SMEs, while large companies encountered hackers, malware and viruses and staff mistakes most often.
  • Health care, professional services and retail were the SMEs that filed the most cyber claims, while larger companies in health care, financial services and retail were most affected.          

Driving value creation through data analytics is becoming more and more a prevalent theme. Clients are actively seeking to understand what the story is within their business, markets, clients and competitors. Data delivers this story through reporting, visualisation, analysis, and closed-loop analytics. In short, data is needed to tell those stories, but it is not the story. Taking a new approach to data, reporting and analytics governance accelerates the pace of data delivery and use in the face of growing volume while increasing the quality of outputs and impacts. Image removed. 

Our focus at RSM is on business insights, actions and outcomes. 

Warmest regards, 




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