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Business insurance news: New approach to IT security urged

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As companies are being urged to take a new approach to IT security, business insurance could form an important part of their defences.

Technology analyst Ovum warned that firms will struggle to keep up with a growing list of cyber threats unless they rethink their security strategies.

The group pointed out that cyber espionage and online fraud now present major risks for organisations, while compliance and the protection of intellectual property are also important challenges.

"We believe this ever-growing list of new threats needs a new approach to security and the focus should now be on protecting assets rather than defending perimeters," said Ovum spokesman Graham Titterington.

The publication of the report comes after security experts raised concerns about the Stuxnet worm, which they believe may have fallen into the hands of criminals.

The officials warned that attacks on cash machines, transport networks and power stations could be possible as a result.

Companies can take measures to protect their IT systems from attack using appropriate software and policies on staff computer usage, for example.

Taking out business insurance could also provide them with cover in the event of a computer breakdown.
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