Cybersecurity is no longer confined to the IT department—it’s a critical business issue that impacts every function within an organization. A recent report from QBE highlights a striking reality: 60% of employees believe they’ve never made a cyber mistake at work, and 86% feel confident in spotting threats. Yet, breaches often go unnoticed, proving that confidence doesn’t always equal preparedness.
Modern businesses are deeply interconnected. A single cyber incident can cascade across departments, leading to financial loss, reputational damage, and operational disruption. As Ian Walsh, Vice President and US Cyber Product Leader at QBE North America, explains:
“Organizations should take an enterprise-wide approach in assessing cyber risks and mitigating exposures to enhance cyber resilience.”
Cyber threats today extend beyond hackers. They include employee error, insider threats, third-party failures, social engineering attacks, and public relations fallout. Cyber insurance has evolved to address these risks, covering incidents like data breaches, system outages, and even reputational harm.
Effective cyber resilience requires collaboration across all departments. Key steps include defining roles and responsibilities for cyber events, conducting regular tabletop exercises, and equipping employees with training to recognize phishing, urgency scams, and impersonation schemes. “One click can lead to a significant cyber incident,” Walsh warns. Training works—and it’s the frontline defense against sophisticated attacks.
Artificial intelligence introduces new vulnerabilities. Organizations must educate employees on emerging threats like deepfakes and monitor regulatory changes to maintain compliance.
Cybersecurity is a shared responsibility. Leaders must map potential risk scenarios, assess organizational vulnerabilities, and ensure insurance coverage aligns with evolving threats. As Walsh concludes:
This blog is intended for informational purposes only and does not constitute legal, financial, or insurance advice. Cybersecurity risks vary by organization, and readers should consult with qualified professionals and insurance advisors to determine appropriate strategies and coverage for their specific needs.