14 July 2014
More companies are taking steps to mitigate threats to cyber security but social media strategy is not yet seen as a priority.
The FT-ICSA Boardroom Bellwether survey of FTSE 350 company secretaries found that 86% of respondents consider cyber risk a major concern for business with 44% actively mitigating against this threat and 25% identifying that external assistance is needed.
The Government’s ‘Ten Steps’ guidance has been discussed by 63% of respondents, up from 21% a year ago, with two-thirds of those having acted upon it. However almost half of the respondents (47%) admitted that their board has never discussed a social media policy and only 26% felt a social media strategy was important to the board.
“Given the reputational risk that can be associated with social media, it is astonishing that boards are not taking the issue more seriously,” says Peter Swabey, Policy and Research Director at ICSA.
Other key findings show that companies are optimistic about the economy with 81% of respondents expecting an improvement in global economic conditions over the next twelve months.
Just over half of those who responded (54%) view the Government as business-friendly but many find current levels of regulatory requirements challenging.
‘UK boardrooms have expressed an interest in decreasing regulation and reporting requirements… in particular, 52% of respondents found the new remuneration reporting requirements difficult to comply with’ comments Peter Swabey.
Boardroom Bellwether is a bi-annual survey produced by the Institute of Chartered Secretaries and Administrators and the Financial Times.