PREDICTIVE intelligence
Successful cyberattacks not only inflict financial losses , but also signal a breach of this trust . as particularly attractive targets for cybercriminals . A 2022 report revealed a 95 % rise in cyberattacks against government entities with highly sensitive data that can be extorted , including personal information of citizens and confidential communications pertaining to laws and foreign relations .
Such data influences the governance of a country itself , making it invaluable and thus an alluring entry point for new forms of cybercrime . Ironically , the influence and reach of government entities render them both lucrative targets and among the most challenging to protect . In terms of economic impact , cyberattacks against the government are uniquely damaging by virtue of the size of their operations , with economic consequences being much more notable as a result . For instance , the UK government estimated that the cost of successful cyberattacks against the government would soon reach a height of nearly £ 2.2billion per year .
The size and influence of government bodies equally , makes them extremely difficult to protect without a codified , directed action plan . Identifying fault lines and cyber vulnerabilities in an institution as vastly interconnected as the government is complex , however this means that the damage caused by a successful attack can have far reaching consequences on several different sectors . For instance , the UK government projects a 25 % chance of a critical cyberattack on the country ’ s cyber infrastructure before the end of 2023 , with the electricity sector identified as a target . Given the foundational role of this sector in sustaining other industries , a successful government cyberattack could have far-reaching repercussions , such as shutting down the operations of multiple other industries entirely .
Hence , government institutions cannot settle for a patchwork approach to their cybersecurity profile . Having an awareness of their cyber vulnerabilities means nothing if shrewd hackers can breach defences , and insurance plans offer little solace without robust protective measures . To achieve genuine cyber-resilience , government bodies must develop comprehensive strategies capable of balancing values of cyber insurance and security . In an ever-evolving digital world , a siloed approach to cyber insurance and security is no longer enough – as cyber-risk becomes increasingly complex , actionable cyber hygiene strategies become essential . This is particularly the case for government institutions , who face uniquely dangerous cyber-risks and thus need an equally unique cyber strategy .
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