Cyber security still not being seen as a priority

Breaches are becoming more prevalent and severe, with 2.9 million UK firms reportedly suffering cyber security attacks in 2016, costing firms more than £29bn.

Operations of an organisation (30%) are most likely to be affected by any potential cyber-attack/breach, according to Cisco; followed by finances (30%), brand reputation (26%), customer retention (26%), and intellectual property (24%).

Worringly, new figures have revealed that the majority (90%) of businesses are still yet to create an incident management plan in the event of a cyber-attack/breach.

An analysis of Gov.uk data by SayoyStewart has shown that directors/senior management in finance and insurance are the most concerned about cyber security – with almost two-thirds (60%) classifying it as a very high priority.

Directors/senior management in hospitality and food are the least worried about cyber security – with only (15%) classifying it as a very high priority.

Managing director of SayoyStewart, Darren Best commented: “With threats, likely to intensify as cyber criminals become more ruthless, businesses cannot rest on their laurels. Business leaders cannot afford to be just concerned or treat it as another risk management exercise.

“They need to effectively understand, carefully manage and thoroughly assess the security of their IT estate to continually get the basic defences right. On top of this, adequate governance and employee education on cyber security can go a long way in protecting a business’s key capabilities and functions”.