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Cyber-security now a boardroom issue

Cyber-security is no longer the IT department’s problem – it is now in the boardroom, according to a new report by Lloyd’s, the specialist insurance and re-insurance company. Its report, ‘Facing the Cyber Risk Challenge’, says more than half (54 per cent) of CEOs in Europe are now taking responsibility for cyber-security events. Still, many businesses aren’t taking cyber-security seriously enough – just 13 per cent of them believe they’d lose trade following a cyber-attack.  

Logic is also lacking when it comes to the possibility, and the frequency of, cyber-attacks. Almost all (92 per cent) have experienced some form of cyber-attack, yet less than half (42 per cent) believe it will happen again in the future.  

According to Lloyd’s Chief Executive, Inga Beale, businesses should not be complacent, and should remain vigilant when it comes to cyber-security: 

“It is reassuring that responsibility for cyber risk is sitting at the most senior level of businesses, but it is clear that too many firms do not believe that the dangers of a breach will severely impact them. I’m afraid we no longer live in a world where you can prevent breaches taking place, instead it is about how you manage them and what measures you have in place to protect your business and importantly, your customers. As recent events have shown, hard-earned reputations can be lost in a flash if you do not have the correct plans in place.” 

The full report can be found on this link.

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