Firms Underrate The ‘Seismic Aftershock’ Of An Attack

UK businesses are overconfident in their cyber security planning and underestimate the damage of the “seismic aftershock” that occurs after a breach, according to a new report.

According to research by Lockton, half of UK firms expect to be fully operational within 48 hours of a cyber breach and only two per cent believe the effects will last longer than 10 days.

However, the recovery time for companies hit by large-scale cyber-attacks can actually be months or years, and the study also exposed holes in organisations’ response planning.

For example, 63 per cent of firms recognise reputational damage as a risk of a data breach, but only 26 per cent include their PR and communications chiefs in their incident response plans.

Meanwhile, while 72 per cent of firms know they can lose revenue and 69 per cent recognise that they can lose data, only 52 per cent of firms consider lost customers as a potential cost of a breach.

Just a third factor in the cost of a forensic investigation, only 36 per cent think about time spent reviewing policies and just 46 per cent consider the regulatory fines they might receive.

“The fact that so few businesses are aware of the aftershocks caused by a cyber-attack is concerning,” said Peter Erceg, senior vice president of global cyber and technology at Lockton.

“It can take several months, if not years, to become entirely operational again after a large-scale breach – and for some firms a full recovery may be bridge too far. UK businesses are currently unprepared for the seismic waves that can decimate an organisation caught unaware.”

A lack of senior managerial influence may be holding back the effectiveness of some businesses’ incident responses – just half of businesses involve their boards in cyber security planning.

“Effective cyber breach planning must involve stakeholders from across the business,” Erceg said. “This is no longer the purview of a few IT specialists. The shockwaves of cyber-attacks are too damaging and too prevalent for businesses to not make it one of the biggest risks they face.

“Companies need to shift from a reactive to proactive approach to avoid and manage a cyber-attack. We should all be considering when, not if, an attack will happen and protect ourselves from the risk.”

Director Of Finance

You Might Also Read:

CEOs Are Accountable For Cyber Attacks:

UK Cyber Chief: Company Directors Are Devolving Responsibility For Hacks:

 

« What is Machine Learning?
The AI Apocalypse »

CyberSecurity Jobsite
Perimeter 81

Directory of Suppliers

CYRIN

CYRIN

CYRIN® Cyber Range. Real Tools, Real Attacks, Real Scenarios. See why leading educational institutions and companies in the U.S. have begun to adopt the CYRIN® system.

ON-DEMAND WEBINAR: What Is A Next-Generation Firewall (and why does it matter)?

ON-DEMAND WEBINAR: What Is A Next-Generation Firewall (and why does it matter)?

Watch this webinar to hear security experts from Amazon Web Services (AWS) and SANS break down the myths and realities of what an NGFW is, how to use one, and what it can do for your security posture.

Alvacomm

Alvacomm

Alvacomm offers holistic VIP cybersecurity services, providing comprehensive protection against cyber threats. Our solutions include risk assessment, threat detection, incident response.

LockLizard

LockLizard

Locklizard provides PDF DRM software that protects PDF documents from unauthorized access and misuse. Share and sell documents securely - prevent document leakage, sharing and piracy.

BackupVault

BackupVault

BackupVault is a leading provider of automatic cloud backup and critical data protection against ransomware, insider attacks and hackers for businesses and organisations worldwide.

CloudSigma

CloudSigma

CloudSigma, a pure-cloud IaaS provider offers flexible and innovative cloud hosting solutions for companies of all sizes both in Europe and the US.

Cyfor

Cyfor

Cyfor provides digital forensics and eDiscovery in civil, criminal, intellectual property, litigation and dispute resolution investigations.

Cigniti Technologies

Cigniti Technologies

Cigniti Technologies provides Independent Software Testing (IST) Services including software security testing.

GuidePoint Security

GuidePoint Security

GuidePoint Security provide information security solutions that enable commercial and federal organizations to more successfully achieve their security and business goals.

Arcanum Information Security (AIS)

Arcanum Information Security (AIS)

Arcanum Information Security is a specialist Information Assurance Consultancy and a leading provider of Cyber Security services to UK Defence, UK Government, Enterprise businesses and SMEs.

Cybersecurity Collaborative

Cybersecurity Collaborative

CyberSecurity Collaborative is a forum for CISOs to share information that will collectively make us stronger, and better equipped to protect our enterprises from those seeking to damage them.

CyberTech Network

CyberTech Network

CyberTECH is a global cybersecurity, Internet of Things (IoT) and Smart City network ecosystem and incubator operator.

CyberSure

CyberSure

CyberSure is a programme of collaborations and exchanges between researchers aimed at developing a framework for creating and managing cyber insurance policy for cyber systems.

Connectitude

Connectitude

Connectitude IIoT Platform ™ is a complete solution for industrial IIoT.

IP Twins

IP Twins

IP Twins offer a wide range of services related to domain names and online brand protection.

CyberClan

CyberClan

CyberClan’s carefully selected team of experts is capable of solving complex cyber security challenges – keeping your data secure and your businesses running as usual.

Axur

Axur

Discover and eliminate digital fraud and risks on the web. Utilize Axur’s entire AI potential, along with thousands of bots dispersed throughout the surface web as well as the deep and dark web.

NARIS

NARIS

NARIS is the leading provider of an integrated Governance, Risk and Compliance platform called NARIS GRC.

Charles IT

Charles IT

Charles IT is your friendly, no-nonsense IT team focused on helping companies make their technology work for them. We focus on building relationships that deliver results.

Protect AI

Protect AI

Protect AI is a cybersecurity company focused on AI & ML systems. Through innovative security products and thought leadership in MLSecOps, we help our customers build a safer AI powered world.

coc00n

coc00n

coc00n secures the devices of high-value and high-interest individuals against cyber attacks.