CBI Chief Calls On the Board to Deal with Cyber Threats

Speaking at the organisation's inaugural Cyber Security Conference in London, CBI competitive markets director Matthew Fell told delegates that getting cyber security right is critical for modern businesses, whatever their sector or size.

He added: “As the global leader in ecommerce, the UK, using a range of platforms and channels to reach a particularly digital-savvy consumer base, stands to reap huge rewards from further developments in technology, and trends in the way we interact, all at the tap of an application.

“But with that opportunity for all of us here today, there is a risk to be managed. With our IP, finances and our customer relationships all inextricably linked to technology, we must take steps to protect our online assets."

He went on: "Nearly all businesses suffer cyber-attacks – 81% of large businesses suffered a security breach last year alone, with the figure for small businesses at 60%.

"Whilst the number of these attacks is going down, as hackers have become more sophisticated and targeted, the cost of these attacks almost doubled last year. That puts the average cost for large businesses between £600,000 and 1.15mn and for small businesses between £65,000 and 115,000.

“Yet only about half of large businesses and a third of small businesses have adequate insurance cover for their online assets in the event of a breach. As the nature of liability changes in the digital age, businesses will need to rethink the assurances they have in place to mitigate financial loss.”

DataIQ:  http://bit.ly/1YTVVuK