An increasing number of CEOs are taking responsibility for cyber security issues, according to research from insurance specialist Lloyds.
The study, Facing the Cyber Risk Challenge, found that over half (54%) of CEOs said they now deal with cybersecurity events, no longer leaving their IT department to deal with them alone. However, there is still a lack of understanding about the impact of hacking. Just 13% of companies surveyed thought that they would lose trade as a result of an attack.
Lloyd’s chief executive, Inga Beale, said: “It is reassuring that responsibility for cyber risk is sitting at the most senior level of businesses, but it is clear that too many firms do not believe that the dangers of a breach will severely impact them.”
The study also revealed an illogical attitude towards the possibility of falling victim to an attack. Despite 92% of participants having experienced a cyber-attack, only 42% thought it would happen again.
Beale said: “I’m afraid we no longer live in a world where you can prevent breaches taking place, instead it is about how you manage them and what measures you have in place to protect your business and importantly, your customers. As recent events have shown, hard-earned reputations can be lost in a flash if you do not have the correct plans in place.”
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