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More and more business decision makers in the UK consider cyberattacks to be the greatest threat to their enterprise, according to a new study.
The Risk:Value report by NTT Com Security reveals that approximately one fifth of respondents see cybercrime as the number one threat to their organization.
Business decision makers also now anticipate the financial fallout of a data breach to be more severe.
For example, the report found that in the event of such an incident, revenue would likely fall by around 13%. This was estimated at 8% in 2014.
One of the more concerning findings is that there still seems to be a penchant “to treat the consequences rather than the causes”.“Whilst it is important to make a provision for recovery should the worst happen, it is also important to take a balanced approach.”
“Almost two-thirds expect to be breached and anticipate it will take about eight weeks to recover, potentially costing in excess of £1 million,” noted Stuart Reed, senior director of global product marketing at NTT Communications.
“Whilst it is important to make a provision for recovery should the worst happen, it is also important to take a balanced approach.”
While the report acknowledges the progress made by businesses in the UK to develop and adopt formal IT security policies, other enterprises are clearly in need of assistance.
Further, even though there is much to be positive about, awareness must nevertheless translate into action. It’s not enough for cybersecurity to be on the “radar”.
“This must now translate into appropriate investment to put support a well rounded and robust risk management plan,” explained Mr. Reed.
“This doesn’t simply mean increasing spend as that won’t necessarily address the problem.
Instead, it means businesses must understand their risks, prioritize their areas of focus and allocate the appropriate resources to address the gaps in their cybersecurity policies.”
In related news, it was announced that a new cybersecurity e-learning tool aimed at HR professionals in the UK has been launched.
It is designed, in part, to help HR staff boost knowledge and understanding of cybersecurity within the workplace.
Author Narinder Purba, We Live Security