Collaborate to fight growing cyber threat: KPMG/BSA summit

Collaborate to fight growing cyber threat

Survey finds companies in business services face a significant cyber threat but are failing to work together to confront hackers.

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Almost a fifth of companies in the business services sector have faced more than 100 significant cyber-attacks in the past year.

That is the finding of a survey of the sector taken at the Cyber Security Summit on 11 April, an event co-hosted by KPMG and the Business Services Association (BSA).  A collaborative response was vital in responding to the threat, the summit was told.

Minister of State for Culture and the Digital Economy, Ed Vaizey, told the gathering of 60 senior security professionals from companies worth a combined [£50 billion]: "The business services sector is an important part of our economy and a significant employer of people, so it’s absolutely right the BSA are encouraging their members to take cyber security seriously. The Government's £1.9 billion pound investment in cyber security will help protect the UK economy and businesses can play their part by adopting the Cyber Essentials Scheme."   

 

Intelligence sharing failure

KPMG are supporting clients with the requirements for Cyber Essentials Scheme (CES) certification in government contracts, and the evolving levels of supply-chain cyber assurance in new government contracts. The summit survey also revealed:
 

  • Just 3 attendees said they were collaborating with other businesses to share intelligence
  • 32% said they were unsure what information the hackers were targeting
     

The survey shows that companies are putting in place a variety of responses to tackle the threat of cyber and the evolving levels of supply-chain cyber assurance in new government contracts.
 

  • 29% are providing staff training
  • 25% are upgrading their IT
  • 25% are hiring more cyber specialists
     

KPMG Cyber-Security Partner George Quigley, said companies he spoke to were confronting ever more cyber-attacks. “Many businesses recognise the threats but are not always certain how to respond in a cost effective and targeted manner. Businesses need to collaborate with both government and each other, to share best knowledge and practice.”  

KPMG are members of the UK Government-run Cyber-Security Information Sharing Partnership (CiSP) and can sponsor clients in the business services sector to join the partnership.  

UK Head of Business Services, Steve Whittle, adds: The cyber threat is a constantly evolving issue for business services companies, understanding the value of risk and the strategy for operational protection is key.  KPMG’s expertise in this area has helped clients understand and respond to the cyber security threat.

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