WGPlus (Archive)
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The bigger they are the more vulnerable they can be |
Boards at some of the UK’s biggest companies still don’t fully understand the potential impact of a cyber attack according to a new report. The Government’s Cyber Governance Health Check looks at the approach the UK’s FTSE 350 companies take for cyber security. The 2018 report shows that only 16% of boards have a comprehensive understanding of the impact of loss or disruption associated with cyber threats. That’s despite 96% having a cyber security strategy in place. Additionally, although 95% of businesses do have a cyber security incident response plan, only 57%actually test them on a regular basis. The implementation of the General Data Protection Regulations (GDPR) in 2018 has had a positive effect in increasing the attention that boards are giving cyber threats. 77% of those responding to last year’s health check said that board discussion & management of cybersecurity had increased since GDPR. Meanwhile, more work is being done to improve the cyber resilience of business, and a new project has been announced that will help companies understand their level of resilience. The cyber resilience metrics will be based on a set of risk-based principles to allow firms to measure & benchmark the extent to which they are managing their cyber risk profile effectively. Companies should also ensure that cyber risks are taken into account in their business strategy and appoint a Chief Information Security Officer (CISO) or other appropriately placed staff members who can clearly communicate information about cyber risks to the board. |
Researched Links: |
DCMS: UK Boards of biggest firms must do more to be cyber aware MoJ: Cyber security and digital snack kiosks WAG: Wales embarks on journey to become a cyber-resilient nation Can a voluntary code still ‘hack it’? Proactive cyber defence rather than just reactive Reputation is everything’ to an organisation and lax security could cost a fortune |