A failure for boardroom planning regarding cybercrime could cost finance directors over £3m, research has shown.
A study conducted by professional services company PwC reveals that 90% of large firms have suffered a breach within the last year. There is an increase in external cyber attacks, which could cost firms over £3m.
The report says that boards need a firmer handle on the area and finance directors need to ensure that funds are being invested in cyber security, understand the balance of risk and assess whether strategies implemented are generating return on investment.
While cyber security remains a complex subject for many, it is crucial that businesses understand how cyber breaches occur if they are to stand any chance of preventing them.
A technology and cyber expert from industry insights company Deloitte, Vincent Geake, said that cyber security is not only a matter for IT but also at management level. Geake told DOF:
“What companies need to do is to get the people managing the business to understand what cyber risk means to them as a business.
“Everybody in a company needs to have an understanding of the types of attack a business can be threatened by.”
If boardrooms continue to fail to see the importance of cybercrime, we will likely see a rise in breaches as hackers continue to advance their own technology. Businesses in the UK need to place the proper emphasis on IT security recruitment in order to ensure that they have the adequate protection in place and are in a position to take on hackers, both now and in the future.
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