Cyber Concerns For FTSE 100 Companies
According to a recent report published by Deloitte, just five percent of FTSE 100 companies have a cyber risk director working to protect their companies from online crime.
Almost nine in 10 of the companies surveyed identified one or more cyber risks as a part of their disclosures, and 71 percent of the companies listed IT systems failure as one of their principal concerns, with 72 percent naming a cyber attack specifically as one of their risks.
The report followed concerns identified by many companies over the increasing threat of cyber crime. Barclays, for example, wrote in their 2015 annual report that they faced a growing threat to the integrity of their financial transactions, and to their information and the availability of their services.
Experts warn that an inability to tackle cyber risks is something that could lead to increasing fraud and reputational damage. Of the types of cyber attacks disclosed in the study, unauthorised access to systems was the most common, being mentioned by 19 percent of companies. Hacking was mentioned by 13 percent of companies surveyed, as was malware.
There have been several high profile breaches over recent months, and companies understand that now it is not a question of if they are targeted by cyber crime, but when, to what degree, and by whom. Most FTSE 100 reports acknowledge that there is a risk, but when it comes to cyber risk management and proactive risk mitigation strategies, many companies are lacking.