Businesses to prioritise cyber security in 2016

Professional services firm EY has recognised the main issues that businesses should tend to in their 2016 plans to improve anti-corruption and anti-bribery enforcement.

The company’s Fraud Investigation and Dispute Services (FIDS) said that security issues would take priority in light of an increase in geopolitical uncertainty and a constant stream of online attacks.

The intelligent hacks are businesses take a more vigilant approach when planning to defend themselves against both external and internal threats.

FIDS leader for EY Americas Brian Loughman said:

“The geopolitical risk facing companies is manifesting itself with increased exposure to bribery, fraud, cyber breaches, and terrorist financing.

“Companies are being confronted with risks on all fronts at the same time that their ability to invest in the compliance function is under pressure.”

Loughman said that firms need to work more at training their workforce, and put more emphasis on proactive monitoring of any risks.

There will also be a reassessment of government information strategies in preparation for the Cyber Security Information Sharing Act, which will ensure that global corporations share data and they will therefore be forced to protect individual’s data with their systems.

The leaning towards more cyber security is not only a wise one, but also somewhat obvious in light of the rise in sophistication demonstrated by cyber criminals. By placing more of an emphasis on IT security management, businesses may slowly but surely regain the trust of the customers whose data they are obliged to protect.