Corporate hacking becoming a global epidemic
(15 February 2017 – Global) As cyber-criminals increase their levels of sophistication and rapidly develop new ways to attack businesses – from mum and dad e-commerce shops to multi-national corporations, it is imperative for all companies to ensure they have cyber risk mitigation processes in place.
As public cases of corporate hacking grow, with recent examples such as Sony, Target and Tesco Bank, the issue has become unavoidable for organisations’ board of directors. Boards are increasingly hiring technology experts to fill in knowledge and expertise gaps in cyber-security, with chief information security officers (CISO) sitting alongside the chief technology officers and chief risk officers.
In the US, only 28 percent of executives said their firm had a dedicated cyber security officer sitting in the C-Suite, while that number dropped to an alarmingly low five percent for companies in the FTSE 100.
Additionally, there continues to be a wide disparity between corporates’ top level executives and IT department, on by who and how cyber threats are handled. That difference in perception also bleeds into the overall cost, both in investment of measures to combat cyber-security risk and the financial impact a breach would have, with some reports suggesting that corporates under-estimate the financial impact by 70 percent compared to their IT teams.
In a new research report, title “Corporate Risk on a Global Stage”, East & Partners aims to highlight how corporates around the world have been impacted by targeted breaches of their networks, the severity of those breaches and what their responses were.
To find out find out more about this report, or to register your interest please contact East & Partners.
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