Mat Westergreen-Thorne CEO Grantify
IT OUTAGE
Mat Westergreen-Thorne CEO Grantify
“ We ’ ll likely see a surge in demand for more comprehensive cyber insurance that covers software update vulnerabilities in addition to attacks , especially from those in the financial sector , where compensation will be top of mind .
“ I imagine there will also be a renewed focus on robust backup systems and failsafes , with stricter protocols for regular data updates becoming the norm and possible staggered update procedures to ensure operational continuity .
“ SMEs and start-ups , should take note of this when planning their risk management structures and ensure that they have contingencies in place to continue BAU , if something like this were to happen again .
“ This incident has highlighted the interconnectedness of our digital ecosystem and should push businesses to conduct more thorough due diligence on their technology partners . While challenging , this situation will drive innovation in cybersecurity and risk management , leading to more resilient business models and new opportunities in these sectors .
“ Ultimately , we envisage that we ’ ll see a more secure , albeit more cautious , business environment emerge from this wake-up call .” technologymagazine . com 91