Businesses are underestimating the importance of cyber security with 28% of cyber attacks being reported to the police, according to research by the Institute of Directors (IoD).
A survey of 1000 businesses found that 49% have experienced damage and interruptions to their business operations from cyber attacks.
There is also an increasing gap between awareness of the risks and business preparedness on cyber attacks. Findings include:
- 91% said that cyber security is important to their business
- 57% said they had a formal strategy in place
- 49% provided cyber awareness training to their staff
- 1% said that their business is not reliant on the internet.
The IoD has reported that the growing business activity and threats of cyber attacks will form a ‘cyber paradox’ – resulting in firms not being able to encrypt sensitive information on their databases.
Professor Richard Benham, author of the report, said:
“Cybercrime is one of the biggest business challenges of our generation and companies need to get real about the financial and reputational damage it can inflict.
“The spate of recent high-profile attacks has spooked employers of all sizes and it is vital to turn this awareness into action. Customers and partners expect the businesses they deal with to get it right.
“As attacks become more prevalent and increasingly sophisticated, businesses need to defend themselves, know how to limit damage, and be ready to respond quickly and comprehensively when the inevitable happens.”