Most UK businesses left “unprepared to respond” as cyber attacks soar in Q1 2019

As we approach the first anniversary of the European Union’s General Data Protection Regulation (GDPR), cyber attacks are rocketing in 2019 with more than half of British firms reporting cyber attacks this year. Among firms reporting attacks, average losses associated with all cyber incidents have risen by 61% on last year.

Business executives are facing mounting scrutiny over cyber security measures as breaches rise, with densely interconnected regulation and more severe penalties. Risk and compliance management has become a critical part of operational and strategic decision-making.

A top priority for business leaders is enabling constant optimisation of their business’ existing risk and compliance framework. However, the majority of companies are admitting that they’re underprepared for breaches.

According to Dr Gero Decker, CEO of Signavio, mitigating and controlling risks while remaining competitive is a significant challenge for all organisations.

Dr Decker informed Risk Xtra: “Detecting and responding to cyber attacks is often stalled by a lack of transparency, as well as employees relying on complex manual and paper-based compliance systems. Siloed functional units and lines of business lead to a lack of accountability and an inability to comprehend the true potential impact on the wider business. With cyber attacks on the rise and no company immune from them, one thing is for certain – every business must proactively manage risk and ensure ongoing compliance. To truly remain committed to compliance, and make it more than just a ‘tick-box’ exercise, businesses need to harness existing internal data to be able to detect, prevent and mitigate breaches.”

Dr Decker continued: “Mapping out processes against regulatory frameworks such as the GDPR gives business users full visibility of areas where companies are handling data, what’s required, the risks involved and how to mitigate them. Identifying where the risks lie in processes will enable employees to apply relevant controls. In cases where an incident has already occurred, businesses can extract value to report breaches, discover what processes are impacted, identify the risks and controls in place or apply those controls where they don’t already exist. Business users can keep a log of recorded breaches from which to learn, speeding up detection and configuring workflows to meet requirements based on the nature of the breaches. In today’s digital age, robust and proactive risk and compliance management is a must in terms of future-proofing any business.”

About the Author
Brian Sims BA (Hons) Hon FSyI, Editor, Risk UK (Pro-Activ Publications) Beginning his career in professional journalism at The Builder Group in March 1992, Brian was appointed Editor of Security Management Today in November 2000 having spent eight years in engineering journalism across two titles: Building Services Journal and Light & Lighting. In 2005, Brian received the BSIA Chairman’s Award for Promoting The Security Industry and, a year later, the Skills for Security Special Award for an Outstanding Contribution to the Security Business Sector. In 2008, Brian was The Security Institute’s nomination for the Association of Security Consultants’ highly prestigious Imbert Prize and, in 2013, was a nominated finalist for the Institute's George van Schalkwyk Award. An Honorary Fellow of The Security Institute, Brian serves as a Judge for the BSIA’s Security Personnel of the Year Awards and the Securitas Good Customer Award. Between 2008 and 2014, Brian pioneered the use of digital media across the security sector, including webinars and Audio Shows. Brian’s actively involved in 50-plus security groups on LinkedIn and hosts the popular Risk UK Twitter site. Brian is a frequent speaker on the conference circuit. He has organised and chaired conference programmes for both IFSEC International and ASIS International and has been published in the national media. Brian was appointed Editor of Risk UK at Pro-Activ Publications in July 2014 and as Editor of The Paper (Pro-Activ Publications' dedicated business newspaper for security professionals) in September 2015. Brian was appointed Editor of Risk Xtra at Pro-Activ Publications in May 2018.

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