Quarter of firms on FTSE350 not confronting cyber risks

In a survey recently carried out on secretaries working for UK 350 companies, results revealed that firms are concerned over risks from cyber security, but 25% are not doing anything about it.

The recent FT/ICSA Boardroom Bellwether survey shows that 75% of firms perceive cyber security risk to be on the rise, and over 65% are taking action to minimise any susceptibility they may have to cyber threats, according to the report. However, 25% are doing nothing to lower the risk.

The Institute of Directors chair, Lady Barbara Judge, said that boards cannot turn a blind eye to the risk. Speaking to the Financial Times, she said:

“Although it is creeping into the remit of some risk committees, I think the whole issue [of cybersecurity] is so overwhelming to boards that often they put it in the ‘too difficult’ category.”

Included in other findings was the news that firms are showing an increasing amount of optimism regarding Britain’s growth potential. There was a 30% increase from the end of 2013, with 74% expecting improved conditions within the next year.

The survey results regarding cybersecurity show a recurring theme in that business owners are not taking enough action, in spite of the fact that they are fully aware of the risks. Should they decide to confront the issue, they can start by making information security jobs available to trained cyber professionals.