A new Government report released earlier today shows that half (46%) of British businesses have discovered at least one cybersecurity breach or attack in the past year, with firms holding personal and financial data on customers more likely to be attacked.
The report, ‘Cyber Security Breaches Survey 2017’, also underlines the need for board level oversight of cyber securities issues – a key recommendation of TheCityUK and Marsh Cyber and the City report.
Marcus Scott, COO, TheCityUK, said:
Cyber security is increasingly becoming one of the biggest challenges facing business. While the average cost of a breach is £20,000, this can rise into the millions, with the loss often ultimately borne by the financial sector.
“Earlier this year TheCityUK set up a Cyber Task Force to help increase understanding of cyber risk and encourage action to address it right across the industry, supervisors and other bodies. Actions key to tackling the problem are better intelligence and best-practice sharing, working on cyber-risk aggregation and system recovery issues, as well helping the growth of a strong UK cyber security sector which develops world leading new technologies and methods. Ensuring cyber security is managed effectively by Boards is also key.
In its report, Cyber and the City, TheCityUK and Marsh make the following recommendations for firms to manage cyber risk:
A. Make cyber a standing item on the Board or risk committee agenda;
B. Ensure cyber risk is a part of strategy, investment cases, acquisition and appraisals;
C. Have a broad based team inputting to how cyber risk is managed;