European Firms Underestimate Cyber Threats, says survey

European Firms Underestimate Cyber Threats, says survey

A new survey from Lloyds of London shows how poorly some businesses in Europe are performing with regards to cyber security. It also reveals a lack of awareness as to how cyber insurance works.

Firms cannot afford the luxury of being lax when it comes to cyber security, warn experts after the study showed that most businesses in Europe had suffered a breach over the last five years.

In spite of this, just 54% of European CEOs count themselves as being responsible for cyber security, with just 42% of businesses expressing concern over being attacked again, says the Lloyds’ Facing the Cyber Risk Challenge survey, which featured responses from 350 senior decision makers representing business throughout Europe.

The study showed that many firms are still underestimating the potential danger of an attack, with just 13% in Europe under the impression that they will lose business as the result of a cyber incident.

Inga Beale, a chief executive from Lloyds, feels that the study should warn firms that they may be underprepared to deal with an attack, should one occur. She said:

“We no longer live in a world where you can prevent breaches taking place. Instead, it is about how you manage them and what measures you have in place to protect your business and, importantly, your customers.”

Businesses need to wake up to the fact that cyber threats are very real and should be focusing on damage control if they do not wish to lose business. Creating cyber security jobs would be a smart move so that the right personnel is in place to combat an attack.

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