According to Andrew Bacon, GLA conservatives’ member, a new report claims that breaches potentially cost organisations up to £36 billion a year. When it comes to businesses, the number is even higher, totalling £147 billion.
Additionally, he said there were previous attempts that tried to improve the situation, the Cyber Essentials scheme was one of them, but none of that has really taken off. According to him, ICO/2700 standards are particularly hard to uphold, because they are rather expensive and hard to implement, especially for smaller businesses.
Finally, he concluded that London’s Digital Security Centre could have an important role in all of this, since this is where London Police, Met Police Service, National Crime Agency, and academics, businesses, as well as law firms work together to create a new Mayoral Standard.
The report noted that the Mayor of London branding is well-recognised and people respect it. The Mayoral Standard has the possibility to enable cost-effective data security strategy for every organisation based in London.
It concluded by stating that these changes would boost the confidence of Londoners in regards with how their data is being treated. Combined with how cost-effective and simple is to implement these new strategies are, they would be a welcome novelty in London.
The report expressed hope that the mayor will be implementing this with the organisations linked with GLA, which would raise some awareness.