Quarter of companies feel exposed to cyber crime

A quarter of medium sized organisations are worried about the threat of cyber crime, and intellectual property theft is a key concern, according to the latest Technology Hazard Warning Report from insurance firm Zurich.

The company found that 26 per cent of mid-sized firms feel highly exposed to cyber crime, rising to 38 per cent for companies with an annual turnover of £100m to £300m.

Around a third are worried about the risk of intellectual property infringement, and the same percentage rate the protection and management of intellectual property as a key factor in their organisation's growth.

Some 44 per cent feel 'highly exposed' to the risk presented by emerging markets, especially the differing regulatory and other requirements.

Geoff White, senior market underwriter at Zurich's General Insurance division, warned that the threat of cyber crime and intellectual property theft could have disastrous consequences for business.

"Companies understandably feel exposed, but it is vital that they are prepared for the unexpected and implement clear, effective strategies and frameworks to tackle any cyber incident which may occur," he said.

"It is essential that businesses and government work together to stay on top of these challenges to ensure that British technology companies are safe and able to grow in this fast moving, unpredictable global technology market."

Zurich advised organisations to keep up to date with anti-virus tools and firewalls, and ensure that any sensitive data is kept separate and that network and mobile access is encrypted.

The company added that firms should implement monitoring and put a crisis management strategy in place in the event of a breach.