Britain’s top organisations urgently need to protect themselves against online attacks.
Ten per cent of the 350 FTSE companies admit to operating without a cyber attack response plan, with 32 per cent of company boards receiving comprehensive cybersecurity information.
Compared to 2016’s health check, there has been some progress. More than half of the company boards now clearly set out their response to cyber risks, and over half of organisations now have a clear awareness of cyber attack effects.
Directors in organisations with no basic coaching on cyber attack responses could negatively affect the company and send stock prices tumbling in the future.
The Threat of Cyber Attack
There is no urgent threat of a further financial crisis, but the major threat to businesses is a cyber attack that would steal sensitive data, extract money and cripple databases.
Organisations must be aware of what to do in the event of a cyber attack and implement training courses for all employees, from director to intern. This is vital as most cyber attacks occur due to human error.
Gartner has stated the top security predictions for 2017.
Strong security policies, data management and investment in innovative response and threat detection technologies must take priority.
Lack of Attack Awareness
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Research has shown that charities are also at risk of cyber attacks, with many employees uninformed about cybersecurity. Many charities are not seeking information proactively, often dealing with threats by utilising outsourced IT providers, which creates a significant chain risk.
The charities that acknowledge the importance of cyber attack prevention are those with the personal information of service users and donors on databases or those with employees experienced in cyber security.
Charities must recognise they have a significant duty to protect any personal data of donors alongside their accomplishments of social good in the community. They must not be exempt from new data protection obligations and rules.
Data Protection Bill
The Government introduced a Data Protection Bill in May that is likely to be implemented by December. For the first time, the General Data Protection Regulation addressed questions concerning data protection.
This new bill will strengthen the privileges and rights of individuals by providing more control over how personal data is used.