Cyber security risk underestimated

28 Nov, 2013

A survey carried out by the business department has revealed that very few of the UK’s largest companies consider the cyber threat to their business to be a problem.

As a result of these findings, the business department feel that corporate cyber security would be heightened if those responsible for it came under more scrutiny from the very top of a company.

Chairmen of companies, who responded to the surveys, within the FTSE350 said the board only had a “basic” or “unacceptable” knowledge of key information.

Only three out of 20 respondents believed cyber threats were looked at regularly.

According to the Financial Times, there seems to be very little understanding of the way in which companies share key information with others, such as suppliers, outsourcing companies and advisors.

As well as this, when companies are pitching ideas to boards they are increasingly being asked about their cyber security arrangements.

According to the Financial Times, the business department said: “Boards need to be well informed. Companies should talk to their suppliers about cyber security.

“To support businesses we are working with industry to develop an official “cyber standard”, which allow companies to demonstrate they are serious about cyber security, and therefore a good business partner”.

The survey also revealed that three quarters of those replying had not had any cyber security training within the past 12 months.

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