Business needs to focus on cyber security threat, says KPMG

Nov 26

Editor’s Note: What’s true for UK-based businesses is also true for American companies.

From: HR Magazine

Tom Newcombe

Senior management in British businesses are not taking the threat to cyber security seriously enough, despite increasing publicity about online security breaches in some of the world’s largest organisations, according to professional services firm KPMG.

The warning comes after cyber security minister, Chloe Smith, last week reiterated the Government’s commitment to tackle cyber crime.

KPMG’s head of information protection and business resilience, Stephen Bonner, said:  ”The UK’s digital economy accounts for 8% of our GDP, so why organisations are yet to develop a mature approach to cyber security is a question that must be answered.

“It does seem that with our economy in a state of sluggish growth, cyber crime is the one area bucking the trend as a shady growth industry. My worry is that boardrooms up and down the country are only slowly wising-up to the threat and understanding the damage that can be inflicted on operations and reputation if they fail to create the appropriate defences.”

Bonner added: “It may be tempting to allow IT to dictate cyber strategy, but to do so is to delegate responsibility for the business’s whole security, as well as that of every customer and supplier. [Emphasis added, Ed.]

“To my mind, this is a cardinal sin and for boards it is a dereliction of duty,” he said.