You may be surprised to learn that only 21% of directors believe that their company is managing cyber security risk well. Why is that? Surely it can’t be for lack of awareness, cyber security is receiving more publicity than ever before, it’s rare you won’t read of a serious cyber-attack in the Sunday papers, or scroll across an attack on your favourite news site, even TV has programming highlighting the issue such as a recent cyber-crime feature on BBC Crimewatch.
So, if not awareness, then perhaps capability? As a leader in your business, ask yourself a serious question, do you have the knowledge to create, implement and monitor a cyber security process suitable for your business? If the answer’s no, you need help and fast. Far from trying to scare monger it’s a reality that your business particularly if in the financial services sector, will be attacked, if it hasn’t been already (perhaps you don’t even know about it).
Of course, capability won’t be the only reason. As business leaders, you will likely be an experienced manager and may have good technical knowledge in the area you do business, but I’m sure you’re well versed in bringing in support such as marketing, sales or accounting to fill your knowledge gaps. You will also likely undergo regular risk management and if you were to identify a risk, such as say one client providing too large a portion of your company’s revenue you will react by increasing marketing activity to reduce that risk. So why is you’re not reaching out for support when it comes to cyber security?
Trust? Of course, it makes sense you need to trust a company or individual to have them access your IT systems but that is no different from trusting an accountancy firm with access to your company’s finances or trusting a marketing agency to spend your budget effectively.
The truth is we don’t know, and the best person to answer this question is you! Call us and let us know will you. The fact you’re reading this tell us you’re one of the more forward thinking business leaders and likely to take steps towards protecting your business on-line. If so, here’s what you should be doing next.
5 Key Steps to Leading on Cyber Security
1. Acknowledge and accept that Cyber Security is a real and active risk for your business.
2. Understand the exact risks your business faces and the possible consequences.
3. Expand your knowledge in the area, bring in a specialist company to help you do so.
4. Implement a policy from the top-down which outlines clear processes to minimise risk.
5. Plan and practice what you would do in case of an attack.