The report has been put together by TheCityUK, an association within the financial industry, and includes a number of different suggestions for preventing cyberattacks. One suggestion is to establish a forum that is industry-wide to work alongside the various initiatives and bodies within the industry. Other suggestions include the sharing of best practices and information, as well as providing more support for the data security sector.
The aim of the cyber forum would be to encourage firms in different professional industries to collaborate more and to obtain more support for those working in cybersecurity and management. The report has been issued at the same time as a statement from the Securities and Exchange Commission in the US, which states that for the financial sector, data security is the biggest risk.
Experts are calling upon businesses in the sector to take action on the risks of a cyberattack. The report points out that last year there were 2.5 million cybercrimes reported, and many of these were fraud. The financial sector bears the brunt of losses like this. Firms in the city are prime targets for cybercriminals and the report points out that larger companies are working hard on data security, but there is an opportunity for smaller companies to improve.
However, the report shows that only 30% of larger companies see cybercrime as one of the main risks to their businesses, with the same number having a plan to respond to a data breach.