As the number of cyber attacks is increasing, so is the anxiousness of the UK’s big public companies, causing them to allocate more resources to their cyber security divisions.
The WannaCry ransomware attack last May caused havoc on thousands of organizations globally.
And now, the firms are being made to digest the latest discoveries made about the security flaws that were present in Intel, ARM and AMD microchips, which would make almost all smartphones and computers vulnerable to hacking.
According to Stephen Martin, DG at the Institute of Directors in London, a primary risk to business is cyber crimes, and thus the duty of developing a strategy to plan and respond to incidents regarding cyber security lies on the board’s shoulders. He adds that every company must create its own strategy to counter cyber crimes, because there is no standard method for everyone to ensure security.
According to the recent survey conducted by Boardroom Bellwether, almost 20 percent of the FTSE 350 company secretaries believed that the risk of cyber attacks on their companies was increasing.
As per The Information Commissioner’s office recommendations,it is important for companies to identify risks and reduce them to stay safe.
Organizations are also being required to undertake data protection and risk assessments by the EU’s General Data Protection Regulation.
According to recent reports, almost 65 percent of the FTSE 350 board members have no training in dealing with cyber attacks and that one among ten board members does not even have a plan in case of such an attack.
The firms in the UK do not seem to be secure, and there clearly is a need to make changes. However, fortunately, organizations are finally making a move to strengthen cyber security.