Cyber attacks remain top business threat for second year in a row

[Audrey McNeil <audrey () riskbasedsecurity com>]

http://business-reporter.co.uk/2016/02/10/cyber-attacks-top-business-threat-two-years-in-a-row/

In a study by the Business Continuity Institute (BCI) and the British
Standards Institution (BSI), 85 per cent of business continuity managers
said they are worried about cyber attacks.

And 80 per cent said they were worried about the possibility of a data
breach similar to those suffered by the Carphone Warehouse and Sony, the
report revealed.

The news comes as the annual cost of cyber crime stands at £4.1 million per
UK company – a 14 per cent increase over last year’s average.

BSI chief executive Howard Kerr said: “2015 saw a number of high-profile
businesses across the world hit by cyber attacks, so it’s reassuring to see
that so many are aware of the threat it poses. Our research finds it to be
the top concern in six out of the eight regions surveyed.

“However, we remain concerned to see that businesses are still not fully
utilising the information available to them to identify and remedy
weaknesses in their organisational resilience.

“It is difficult to conceive that either investors or employees will be
reassured that the leaders of the organisations they trust are making
strategic decisions without an effective evaluation of risk.

“Ultimately, organisations must recognise that, while there is risk, and
plenty of it, there is also opportunity. Taking advantage of this means
that leaders can steer their businesses to succeed by not just surviving,
but thriving.”

The top five risks according to the survey were cyber attacks, data
breaches, unplanned IT and telecom outages, acts of terrorism and security
incidents.

These were followed by interruptions to utility supplies, supply chain
disruption, adverse weather, lack of availability of key skills and health
and safety incidents.

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