One in five actually seems incredibly low. I suspect most organisations will have had some kind of cyber risk issue, whether fraud or data theft and just may be deciding not to report it. Commenting on the British Chambers of Commerce (BCC) survey, Mishcon de Reya Cyber Security Lead Joe Hancock.
The low number of firms protecting themselves is also surprising. Doing the basics will protect companies against many cyber issues, and these measures do not need to be expensive or resource intensive. There have been similar findings published over the past few years, but it still seems that organisations only really take security seriously when regulation or legislation forces them to, especially for data protection issues. Companies seem to struggle to balance their own risk management against wider rights of those whose data they hold in trust.
The excuses for not taking this issue seriously are running out. Cyber is a headline news item and shows no sign of blowing over. Customers and consumers will not stick with companies that can’t get a handle on cyber protection. The links between mature cyber security, increased digital skills and company value are becoming much more pronounced. Good cyber security is a good indicator for how well the organisation will cope with an increasingly digital business world.