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Cyber attack top business threat

18 February 2015

Cyber attack top business threat - Read more

Cyber-attack is seen as the top business threat, according to the Horizon Scan report.

Published by the Business Continuity Institute (BCI) in association with British Standards Institute (BSI), the report shows that more than three quarters (82%), of the 760 organisations surveyed around the world, fear the possibility of a cyber-attack.

In addition, 75% are worried about data breaches similar to what Sony suffered towards the end of 2014.

A recent industry report – the Ponemon ‘Cost of Cybercrime’ report - has highlighted the annualized cost of cyber-crime per global company to now be at $7.6 million (£4.92 million), which is a 10.4% year-on-year increase.

Concerns over supply chain disruption were the fastest rising threat, climbing to fifth place in this year’s report, up from 16th in 2014. Almost half of those polled (49%) identified increasing supply chain complexity as a trend, leaving their organization vulnerable to disruption from conflict or natural disasters.

Lyndon Bird FBCI, Technical Director at the BCI, commented: ‘The world faces diverse problems from cybercrime and political unrest to supply chain vulnerabilities and health hazards. This report shows the vital importance of business continuity professionals understanding such trends. No longer can those working in the field believe they can resolve all their problems themselves. As an industry we must work together with our fellow practitioners to deal with the complexity of these threats.’

Despite growing fears over the resilience of their firms, the report records a shock fall in the use of trend analysis by business continuity practitioners, with a fifth of firms (21%) failing to invest in protective discipline.

A similar proportion (22%) report not employing trend analysis at all, making it a blind spot for organizations.

Howard Kerr, Chief Executive at BSI, commented: ‘Globalization has brought the world’s conflicts, epidemics, natural disasters and crime closer to home. It is of real concern that this year’s report shows that businesses are not fully utilising information to identify and remedy blind spots in their organizational resilience strategies.

‘Tracking near and long-term threats provides organizations of all sizes with an objective assessment of risks and how to mitigate them. Failing to apply best practice leaves organizations and their employees, business partners and customers at risk.’

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