71% have procedures in place to review the tools and strategies deployed by cyber criminals but few – just 30% - understand them. What are you doing to prepare?
71% have procedures in place to review the tools and strategies deployed by cyber criminals but few – just 30% - understand them.
Businesses today know there is a high risk of a cyber attack from a rising class of criminal. But awareness is not always translating into action. Being aware does not help you prevent, protect against, or respond to attacks. And if only a few tech-savy people in the company understand the procedures being put in place, this is not benefiting the organization as a whole, and even potentially creating new risks. Only 22% of organizations feel they are fully prepared to combat security breaches perpetrated by organised crime. This number is not high enough.
It is time for companies to make cyber a real priority in the board room, and through all parts of the business. 73% of companies say that cyber is on the agenda, but only 54% of the companies take the time to educate the directors on what this really means.
And it is not only the Fortune 500 companies that need to be concerned. Will Dixon, Deputy Director of Intelligence at Barclays, sees the criminals looking at softer targets: ”We’re seeing criminals increasingly targeting SME’s and high value account holders.”
All of this adds up to one main point: it is time to rethink the cyber threat and take the necessary steps to prevent, protect, respond, and especially educate. An important factor today is speed. "The first 48 hours are absolutely crucial," says Benny Bogaerts, KPMG Cyber Security Director. Attackers are quick, and can carry out an attack at alarming speed. So companies need to be able to be agile to respond quickly. But for many organizations they face barriers. 38% of companies claim they are restricted by inflexible processes with their company, 49% feel they are restricted by regulation, and 45% lack the people and skills.
In this joint BT and KPMG report drawn from interviews with multinationals, conversations with our clients and evidence gathered from work carried out by both organizations we set out to give a current perspective of the emerging landscape and our recommendations on how to counter it.
© 2018 KPMG Advisory, a Belgian civil CVBA/SCRL and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.