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Businesses ‘failing to monitor cyber risks’

Companies across the UK could be leaving themselves wide open to online threats.

This is the view of David Prince, delivery director of cyber security at Schillings, who told Computer Weekly that companies could be faced with considerable data recovery costs if they do not begin to take seriously the threat of unwanted access to their IT infrastructure from hacktivists and other online threats.

“We are seeing companies struggle to identify significant, credible cyber threats that relate directly to them, such as data breaches and phishing campaign,” he stated. “Consequently they are not proportioning security controls properly, spending most of their security budget on the network perimeter instead of identifying true risks.”

Mr Prince highlighted the practice of threat modelling as something many businesses have not yet fully understood, adding that companies could have the largest data security budgets in the world, but this will not effectively safeguard their data if this money is not spent in the right areas.

High-profile data breaches – such as the recent hacking of eBay’s consumer lists – and the associated costs both financially and in terms of reputation for these companies are serving to increase awareness of cyber threats, but more needs to be done to educate businesses on how best to offset these risks.

President and chief executive officer of the Financial Services Roundtable Tim Pawlenty also recently backed up this stance, when he wrote in his blog for the Wall Street Journal how continued investment in the latest technologies should be at the forefront of data security plans for firms.

Controlling access to sensitive business and consumer information is a must for all businesses and this is best achieved by implementing multi-level security protocols and systems, both for internal access to files and for those that are transferred outside a business’ secure networks.

“This will be an ongoing battle for the long term and often the system is only as good as the weakest link,” he concluded.

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From: https://www.ontrack.com/uk/company/press-room/data-recovery-news/businesses-failing-to-monitor-cyber-risks313.aspx

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