General Insurance Article - Businesses still failing to take cyber security seriously


Nearly 10% of UK companies don’t know how many cyber security attacks they have had this year and 14% don’t know how they happened, according to ‘Turnaround and Transformation’, the latest Global State of Information Security® Survey 2016, released today by PwC in conjunction with CIO magazine and CSO.

     
  •   UK companies not yet on top of cyber security incidents or their causes
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  •   A third of reported UK incidents are due to mobile devices being exploited
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  •   Insiders - current or former employers - top the list as a major source of incidents
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  •   Incidents now cost an average of £1.7million
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  •   Cloud computing and the Internet of Things are having a major impact on technology innovation but also the number of attacks
  
 There was a 38% increase in detected information security incidents and a 24% boost in security budgets in 2015
 PwC interviewed 10,040 executives from more than 127 countries, including 637 in the UK, across all industries, in the annual report that looks at the challenges companies face protecting their businesses from ever-increasing cyber security incidents.
  
 Cyber attacks continue to escalate in frequency, severity and impact. However, prevention, detection methods and innovation are on the rise globally as forward-thinking business leaders focus on solutions that cut risks and improve business performance. The report examines how executives are looking towards new innovations and frameworks to improve security and mitigate enterprise risk.
  
 As cyber risks become increasingly prominent in the boardroom, business leaders are rethinking cyber security practices, focusing on innovative technologies that can reduce enterprise risks and improve performance. The vast majority of organisations - 91% - have adopted a security framework, or more often, an amalgam of frameworks. These technologies are yielding considerable opportunities to improve cyber security and produce holistic, integrated safeguards against cyber attacks.
  
 Richard Horne, PwC cyber security partner, said:
 “Many business leaders see cyber security as the risk that will define their generation. The most innovative companies are rising to the challenges they face, looking at new technology and seeing how they can best protect their assets and reputation to gain competitive advantage.”
  
 Adapting traditional cyber security measures to an increasingly cloud-based world is an example of this effort, with considerable investments being made to develop new network infrastructure capabilities that enable improved intelligence gathering, threat modelling, defence against attacks and incident response. According to the report, 69% of respondents use cloud-based security services to protect sensitive data and ensure privacy and the protection of consumer information.
  
 Big Data and the Internet of Things present a host of cyber challenges and opportunities. In the case of Big Data, often considered a cyber liability, 59% of respondents are using data-powered analytics to enhance security by shifting security away from perimeter-based defences and helping organisations to put real-time information to use in ways that create real value.
  
 As the number of internet-connected devices continues to surge, the Internet of Things will inevitably increase the stakes for securing cloud-based networks. Investment intended to address these issues doubled in 2015, but only 36% of UK survey respondents have a strategy specifically addressing the Internet of Things.
  
 Among other findings from the report, it shows that the number of organisations that embrace external collaboration has steadily increased. 65% of respondents are collaborating with others to improve security. The report also found that 59% of organisations have purchased cyber security insurance, compared with 51% last year. 43% of UK survey respondents report making a claim on their insurance.
  
 Richard Horne, PwC cyber security partner, said:
 “In our digitally-interconnected world, businesses cannot stand still. They need to prepare and continually test their defences - and respond to breaches - in the face of incredibly sophisticated attacks. This requires commitment and leadership from the very top of an organisation to prevent breaches, but also to detect and respond to them rapidly and in the right way when they happen.”
  
 To view the full survey please click on the document below
  
 

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