Why is cyber security still not a priority for most business sectors?

Cyber security breaches cost UK firms £29 billion in 2016, yet many industry sectors do not consider it a priority.

Over the last few years, cyber-attacks and security breaches have become more prevalent and severe, making this issue a real concern for businesses.

In 2016, 2.9 million UK firms suffered a cyber security breach at a cost to industry of £29.1 billion (€ 32.54 billion).

A security breach can affect not only operations, but also brand reputation, customer retention and intellectual property. With 83% of UK businesses online, the consequences of a cyber-attack/breach can be devastating.

A staggering nine out of 10 businesses do not have measures in place to plan for the event of a cyber-attack or security breach.

Research by SavoyStewart.co.uk revealed 60% of directors/senior management in the finance and insurance consider cyber security a ‘very high’ priority. This figure stands at just under 50% for directors/senior management in education, health or social care.

Only 15% of directors/senior management in the hospitality and food sectors consider cyber security a very high priority.

Darren Best, managing director of SavoyStewart.co.uk commented:“The calamity caused by recent cyber-attacks/breaches emphasises the need to take cyber security very seriously. With threats, likely to intensify as cyber criminals become more ruthless, businesses cannot rest on their laurels. Business leaders cannot afford to be just concerned or treat it as another risk management exercise.

They need to effectively understand, carefully manage and thoroughly assess the security of their IT estate to continually get the basic defences right. On top of this, adequate governance and employee education on cyber security can go a long way in protecting a business’s key capabilities and functions”.

Security within the telecoms industry

Toll fraud is the most common and costly security problem in the telecommunications industry, with 84% of UK business vulnerable to Toll Fraud Hacking.

According to the Communications Fraud Control Association’s (CFCA) Telecoms Fraud Survey Toll Fraud in the UK costs businesses £1.2 billion each year; and the UK is the third most targeted country in the world. But it’s a threat to which many businesses don’t truly understand or defend themselves against.

MF Communications offer customised toll fraud protection, with activity monitored 24/7 and any suspicious call activity detected instantly, resulting in either one of two automatic alerts: an ‘alert only’ email sent to designated recipients, or in more severe cases an ‘alert and block’ which prevents any further call activity until the system is reset. The emails provide information explaining why the call is considered suspicious. Once checked, if the call activity is legitimate the restriction can be lifted and your business communications continue as normal.

As many industry sectors rely so heavily on computer systems, disaster recovery plans, also known as a Continuity of Operations Plan (COOP), are generally associated with the recovery of information technology data, assets, and facilities.

The main objective of any disaster recovery plan is to minimise downtime and data loss. It is ‘a comprehensive statement of consistent actions to be taken before, during and after a disaster.’

For more information on protection from Toll Fraud and with putting together a disaster recovery plan for your operation please email us, or call 01892 514687 and ask to speak to one of our UK business consultants.