Businesses fail to report cyber breaches

Cybersecurity, shining binary padlockThe Institute of Directors (IOD) has carried out a survey in conjunction with Barclays that has discovered that businesses are failing to take cybersecurity seriously enough.

The survey shows that many companies are not able to deal properly with the ever-increasing number of cyberattacks occurring on a daily basis. It also shows that less than a third of attacks on British companies are actually reported to the police as crimes. However, the survey also indicates that half of attacks cause an interruption in the daily function of a company.

A thousand members of the IoD took part in the survey and found that even though business owners are aware that they need to have adequate protection in place they are not sure exactly what level of security they do have. Just 57% of companies have put together a formal strategy on data security, and only 20% of companies have insurance that will cover them in the event of a cyberattack.

Less than half of companies are aware of where their data is stored, a statistic that has raised concerns among the authors of the report. The IoD believes that a ‘cyber paradox’ is on the verge of being created. This means that even though companies will be doing more and more business online, they do not have the confidence in the encryption that is designed to protect their data. Experts are calling upon businesses to figure out which data is sensitive and then to plan their security accordingly, ensuring that they have the best possible protection at all times.