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A recent study by Marsh UK suggests that while organizations understand the increasing risk and severity of cyber-threats, very few companies are allocating the appropriate resources to combat such a pressing issue. Marsh’s Cyber and TheCityUK report, which makes several recommendations on reducing cyber-risk, primarily in the financial services industry, goes hand-inhand with a recent statement from the chair of the U.S. Securities and Exchange Commission (SEC) which stated that cybersecurity is currently the biggest risk facing the financial system. To help stimulate cybersecurity investments, the report makes the suggestion, among several others, that the UK government should offer tax breaks to help offset some of the cost of implementing good cybersecurity practices and procedures. “In the end, most firms are going to need to spend money on cyber defenses. That’s going to make for difficult choices on how much and in what they invest. Cyber insurance is an important element of preparedness as it aims to market the nature and size of threats firms face and the best use of their money in defending against them,” explained Mark Weil, CEO of Marsh UK. Ideally, offering a tax break to organizations that increase cybersecurity investments would increase focus and resources geared towards cybersecurity across all industries.


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