Increased cyber incidents pose threat to business

Businesses are increasingly becoming subject to hackers with more than two thirds experiencing ‘cyber incidents’ in the last 12 months, says the Business Continuity Institute.

15% reported at least ten incidents during the same period.

The Cyber Resilience Report aims to highlight the importance of having mitigations in place to lessen the effect of cyber incidents.

The report revealed that just a tiny fraction of businesses responded within the hour to cyber incidents with 60% of companies report being socially engineered or phished rendering a response ineffective.

The cost of managing and putting right incidents were anywhere between €50,000 to €500,000.

David James-Brown FBCI, Chairman of the BCI, commented: “This piece of research is one of the most timely, insightful and relevant the BCI has ever produced. Cyber attacks tend to target the weakest links of an organisation, and this calls for a greater awareness of ‘cyber crime’. As the cyber threat evolves, it is crucial to stay on top of it, building long-term initiatives and regularly updating recovery plans.”

The Cyber Resilience Report can be found here: http://www.thebci.org/index.php/obtain-the-cyber-resilience-report-2016

BCI