Mark your calendar: Cyber Risk Week kicks off on 23rd April, 2025.
People who have spent years in the business of identifying, quantifying, and mitigating risk, will tell you: Cyber risk is one of the most underestimated threats facing organisations today.
It’s not theoretical. It’s not just a tech issue. It’s a boardroom issue. A reputational risk and a regulatory minefield. And if it’s not on your radar, it needs to be.
What is cyber risk?
Cyber risk refers to the potential for loss or damage resulting from a breach of digital systems. That might mean a ransomware attack, data theft, phishing, or even internal misuse of access.
What makes it so dangerous is that it’s constantly evolving. Threat actors adapt faster than most risk frameworks. Every new system, third-party integration, or untrained employee introduces potential exposure.
According to IBM’s 2024 report, the average cost of a data breach has hit a record £3.88 million. This doesn’t include reputational fallout or regulatory fines.
Why cyber risk is a big deal (and getting bigger)
Cyber risk isn't just about hackers in hoodies anymore.
We’re seeing nation-state actors, sophisticated criminal networks, and even AI-generated threats capable of mimicking internal communications. Combine that with overworked IT teams and increasing reliance on cloud infrastructure, and the surface area for attack is enormous.
In Q3 2024 alone, organisations were hit with 1,876 cyberattacks per week, a 75% increase year-on-year.
This is not a niche issue. It’s a systemic business risk, and it should be treated as such.
How to protect your business
If you’re waiting until there’s a breach to act, you’re already too late. Here's how you can reduce exposure proactively.
1. Reinforce identity controls
Start with the basics. Use multi-factor authentication (MFA). Enforce strong password policies. Ensure role-based access and limit admin privileges to only those who need it.
2. Train your people
Human error remains the top cause of breaches. Regular phishing simulations and up-to-date training are your best first line of defence.
3. Update everything
Unpatched software is a playground for attackers. Automate updates where possible and send out regular reminders to employees on updating the security systems on their computers. Most importantly, always monitor your systems for any vulnerabilities that may come up.
4. Encrypt, backup, repeat
Encryption protects data at rest and in transit. Backups give you leverage in the event of ransomware. Make sure all your data is backed up and encrypted regularly.
5. Apply enhanced customer due diligence
Don’t overlook who you’re doing business with. Enhanced customer due diligence helps prevent fraud, detect anomalies, and satisfy regulatory expectations. For financial services, legal, and fintech sectors, this is especially crucial.
This isn’t just a compliance checkbox; it’s critical cyber hygiene. If you’re not already conducting enhanced due diligence for high-risk clients or transactions, now is the time to start. We’ve covered enhanced customer due diligence in detail in our blog here.
Company Watch offers a holistic enhanced customer due diligence solution by flagging signs of financial distress, hidden liabilities, and anomalous filings through our flagship H-Score® and detailed company credit reports. You can instantly review filed accounts, monitor adverse credit events, and set real-time alerts for changes in risk profile; helping you spot potential fraud or insolvency before it becomes a problem.
Cyber Risk Week: What you can do
Cyber Risk Week is an incredibly timely call to action.
Here’s how to make the most of it:
Join UK Cyber Week (23rd and 24th April at Olympia London)
UK Cyber Week is an opportunity to hear from the top minds in cybersecurity through expert-led talks, panel debates, live demos, and deep-dive sessions. The sessions at this event will help you learn about cyber investments, forming AI alliances, and empowering employees against this new threat. If you’re new to tackling cyber risk as an issue, UK Cyber Week is definitely a good place to start. More info here.
Run an internal cyber audit
Review access controls, patch management, backup procedures, and incident response plans. Evaluate your supplier and customer onboarding processes, including whether enhanced customer due diligence is being properly applied. A well-executed audit doesn’t just find weaknesses, it drives your next security improvements.
Educate your teams
Run refresher training on phishing, remote access policies, and incident response. You can also adopt automated systems that plan and execute quick online courses and training employees can do to stay updated on latest cyber risk practises.
Review Your due diligence processes
This includes both internal controls and how you screen clients and suppliers. The key question to ask is: do your enhanced customer due diligence procedures go far enough? If you’re not sure where to start, Company Watch automates and streamlines your due diligence, and gives you actionable insights that you can apply to your current security systems.
Final thoughts
Cyber risk is no longer a specialist topic. It’s a strategic risk that affects every part of your business.
Cyber Risk Week gives us all a reason to stop, evaluate, and take action. Whether it’s reinforcing identity access, implementing enhanced due diligence, or joining industry events, the need of the hour is to do something. The cost of doing nothing is rising.
Company Watch is here to support better risk intelligence. If you wish to turn insight into action, we’ve got the tools and expertise to help. Read how we use advanced next-gen tools to help our clients prevent fraud and stay ahead with their due diligence.
