• Most businesses are inadequately prepared for cyber attacks

The majority of organisations lack a proper understanding of the methods used by cybercriminals, and are not adequately prepared to deal with attacks, a BT-KPMG report has claimed.

The report revealed just 20% of IT leaders in the UK, US, Singapore, India and Australia are confident their business is properly equipped to manage cybercrime. At the same time, 97% also said they had experienced a cyberattack in the last two years.

Most businesses are inadequately prepared for cyber attacks

The report said that the role of chief digital risk officer (CDRO) has emerged to tackle this problem, with 26% of businesses questioned saying one had already been appointed.

The report said: “The successful company of tomorrow will understand the enemy and collaborate with partners to frustrate the attacker at every step, from breaching a system through to cashing in. The prize is reduced risk and improved performance.”

Paul Taylor, UK head of cyber security at professional services firm KPMG, added: “We need to ditch the talk of hackers and recognise that our businesses are being targeted by ruthless criminal entrepreneurs with business plans and extensive resources – intent on fraud, extortion or theft of hard won intellectual property.

“Talking generically about cyber risk doesn’t deliver insight. You need to think about credible attack scenarios against your business and consider how cyber security, fraud control, and business resilience work together to prepare for, and deal with those threats,” he said.

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