The digital revolution is in full swing
The UK is a leading digital nation, and business are increasingly recognising the opportunities that come with being digitally savvy
There is no going back - the pace of change is set to increase by 4000% with data generation by 2020
With great digital opportunities comes an element of risk
Cyber breaches are now a staple of the modern business environment.
- Two thirds of large businesses suffered an attack last year, over half of small businesses suffered an attack as well
- The average cost of a cyber breach is £36,000
- Loss of consumer trust and brand reputation are among the long term effects of a cyber breach on a business
Translating awareness into action is proving to be a challenging hurdle
The CBI's work focuses on three main areas, collaborting with Government, shaping the regulatory environiment and convening businesses to share best practice.
According to the latest Government survey, 70% of business say Cyber is a priority:
- However less than 30% have a formal cyber policy
- Only 1 in 10 businesses have an incident response plan
Executives need to lead the conversation about cyber security
This does not mean boardroom execs need to be technical experts in cyber, rather that they should be able to ask the right questions of their team.
An organisation's cyber strategy is only as resilient as its weakest link
9 in 10 breaches can be linked back to human error. Therefore cyber hygiene is essential to bolstering an organisations security.
Linking up business to threat intelligence and talent is crucial to overcoming the knowledge barrier
The latest threat intelligence is very useful to businesses and is crucial to understanding if they have to change their technical processes or train staff differently.