Why has little been done to counteract the growing threat of cyber-attacks?

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What is being done to counteract the threat of cyber attacks?

Over the last few years, cyber security has been propelled to the forefront of the public eye. With cyber-attacks and breaches becoming more prevalent and severe than ever before. Research by Beaming revealed that 2.9 million UK firms suffered cyber security breaches in 2016, costing firms an alarming £29.1 billion.

With 83% of UK businesses online, the consequences of a cyber-attack/breach can be devastating. According to security professionals consulted by networking hardware company Cisco, operations of an organisation, 36% are most likely to be affected by any potential cyber-attack/breach. After operations finances (30%), brand reputation (26%), customer retention (26%) and intellectual property (24%) are the most affected.

No organisation with a desire to achieve favourable results and grow successfully wants to be in a position of having critical functions compromised. Yet, figures show that 90% of businesses don’t

Research conducted by commercial property experts, Savoy Stewart, found 60% of directors and senior management in finance and insurance consider cyber security a very high priority – the highest amongst the analysed sectors. Thereafter, directors/senior management in education, health or social care consider cyber security as a very high priority at just under 50%.

With only 15% of directors/senior management in the hospitality and food sectors classifying cyber security as a very high priority, it seems they are the least concerned by prospective threats. Directors/senior management operating in the entertainment, service or membership industries are only slightly more apprehensive – with 21% regarding cyber security as a very high priority.

Darren Best, Managing Director of SavoyStewart.co.uk said: “The calamity caused by recent cyber-attacks/breaches emphasises the need to take cyber security very seriously. 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.”

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