The UK is a leader in the digital economy, but if it is to build on its existing strengths and capitalise on new technologies, businesses must to go into the future with their eyes open to the risks. A new report has revealed that business leaders are still putting cyber security on the back burner.
A new survey from the Institute of Directors and Barclays bank shows that a worrying number of UK businesses have no formal plan to protect themselves from a cyber-attack and there has been no improvement in the last year.
Cyber security: Ensuring business is ready for the 21st century
Although 94% of companies think security of their IT systems is important, only half (56%) have a strategy in place to protect their devices and data. The report shows that despite a number of high-profile cyber-attacks over the last year, as many as 40% of respondents would not know who to contact to report online fraud.
With the new General Data Protection Regulation, which comes into effect next May, companies will be made much more accountable for their customers’ data, and we are urging business leaders to step up their preparations now.
The Government has made positive steps in the last year to protect business and consumers, particularly by founding the National Cyber Security Centre, the report said. By bringing together several different agencies, and placing the centre within GCHQ, the UK authorities are well-placed to detect and understand cyber threats. For businesses, however, ultimate responsibility will always lie in the boardroom.
For information on how your business can prepare itself to meet the cyber challenge, please view our guide.
Cyber Security: Practical guide for your business
Cyber security for business
The IoD have created a Cyber Hub as a resource for all things digital security. Whether you need to learn the basics with a glossary of cyber-terminology, step-by-step instructions on improving your online protection, or to simply stay involved in the latest conversations, you can find the help you need here to safeguard your business and employees.
Visit our cyber security for business hub
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IoD members can find more in-depth information and resources about cyber security in our factsheet