Market failure in cyber security needs to be addressed, says expert

Market failure in cyber security needs to be addressed, says expert

The National Cyber Security Strategy should do what is necessary to address organisational “market failure” in managing cyber risk.

This was the verdict from James Snook from the Office of Cyber Security and Information Assurance in the Cabinet Office, who delivered the message in a recent seminar at Westminster eForum.

In his keynote speech, Snook talked over a number of issues to be addressed by the government in a new cyber strategy document to be published later this year.

He began the talk by delivering the government view on cyber threats facing UK organisations, the ramifications of these threats, and government response methods.

He addressed any doubters in the audience when he said that there has been an investment plan put in place, which will see £1.9bn invested over a five-year period, which is approximately double that of the last five years.

Snook also addressed attribution and its difficulties in locating the originator of a cyber attack.

He said:

“Cyber is in many ways an anonymous attack vector. You can do attribution but it very difficult to do confidently, and with that cloak of anonymity, it becomes very difficult to rely on the classic military and diplomatic tools we have at our disposal to respond to cyber-attacks.”

Organisations in the UK have for a long time largely ignored the threat of cyber attacks. The government, however, is doing all that it can to ensure that that attitude is changing. Hopefully, these organisations will pay attention and take the necessary steps to reduce cyber threats, such as ramping up their IT security recruitment campaigns.

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