PA’s Ed Savage, a security expert, is quoted in IT Pro on the risk of cyber attacks to businesses.
Ed explains that damages caused by an advanced attack can cost more than £100m and clear a company of 12 per cent of its stock market value.
IT departments have raised the issue about cyber attack risk for many years but it is at board level where threats aren’t taken seriously. Ed says: “The scale of the risk deserves to be managed at board level within companies, yet typically it isn’t – or not at least until after a major attack has been discovered, when the cost of resolving the problem becomes much greater than it would have been had adequate protection measures been in place.”
Ed goes on to explain that planning for a crisis by managing the uncertainty that lies ahead is the best way for businesses to protect themselves: “Taking proactive action is a better strategy than battening down the hatches and hoping to avoid it.”
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