Business

Half of firms 'aren't prepared for cyber attacks'

Pictured at the event are Emma Collins, principal policy adviser at CBI, Mike Harris, Cyber Security Partner at Grant Thornton, and Joanna McArdle, director at Barclays bank
Pictured at the event are Emma Collins, principal policy adviser at CBI, Mike Harris, Cyber Security Partner at Grant Thornton, and Joanna McArdle, director at Barclays bank Pictured at the event are Emma Collins, principal policy adviser at CBI, Mike Harris, Cyber Security Partner at Grant Thornton, and Joanna McArdle, director at Barclays bank

HALF of firms attending a cyber security seminar in Belfast yesterday revealed they don't have sufficient strategies in place to tackle the issue.

More than 100 guests attended the event hosted by Barclays Bank and Grant Thornton in partnership with CBI.

A survey carried out during the morning revealed that 49 per cent of the private and public sector businesses in attendance did not have a properly tested plan in place for dealing with a cyber security attack.

It was also discovered that 30 per cent of companies did not have a fully approved cyber security strategy, while 63 per cent believed the north should have its own overarching cyber security strategy.

Grant Thornton cyber security partner Mike Harris said cybercrime was costing the Northern Ireland economy almost £100 million a year.

"It’s absolutely vital, therefore, that small and large organisations both public and private sector alike develop a structured approach to implementing cyber security controls and processes," he said.

“They need to understand in detail cyber security threats they face, put effective, appropriate controls and strategy in place to protect their organisation and finally develop and test a robust response plan in the event of a cyber-attack. It's no longer a question of if an organisation will face a cyber-attack but rather when.”

Barclays Bank director Joanna McArdle said firms should recognised could threaten "their reputation and subsequently their bottom line."

CBI principal policy adviser Emma Collins added: “In a digital age, effective cyber security is a must-have for businesses. Protecting finances, IP, brand, customer data and reputation are key objectives for effective cyber security and, as such, should be on the agenda of the board, and actioned throughout a business as part of any effective cyber security or digital strategy.”