The UK’s vulnerability to cyber security attacks has again come under the spotlight, with only half of business leaders ready and prepared to counter digital threats they’re currently facing – or are likely to confront in the future. This is despite the fact that over half (52%) link strong cyber security capabilities to increased profitability.
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Lockdown measures that forced the majority of businesses worldwide to work remotely in response to COVID-19 have raised a number of cyber security concerns and issues. The number of attacks against organisations grew to reach a four-month high at the end April resulting in the NCSC and CISA issuing an advisory about cyber criminals exploiting COVID-19 on April 8th 2020.
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Prior to the pandemic, the World Economic Forum (WEF), identified cyber-attacks as the most concerning technological risk, and the last EY CEO Imperative Study revealed that cybersecurity is the No. 1 global concern for CEOs. Furthermore according to the (WEF), hacking and phishing attacks are likely to become the new norm for many companies, even as the virus infection rate begins to recede.
A worrying key finding of the survey of over 750 business leaders conducted by online pioneer Esme Learning Solutions, who is collaborating with Saïd Business School in the development of the Oxford Cyber Futures programme, was that although businesses have woken up to the threat of poor cyber security practices, they are not yet walking the walk.
