Grant Thornton has been involved in research that has identified cyber attacks as a concern for the UK's mid-market businesses. Grant Thornton says that boards in these mid-market organisations are not prepared to manage the risks posed by cyber security issues, despite the total cost of breaches to this type of business reaching at least £30bn in the last 12 months. The report states that, in spite of this, 63% of mid-market businesses in the UK do not have a board member who is responsible for cyber security.
Grant Thornton's report outlines six areas that these organisations should be focusing on to ensure they are equipped to cope with the risk to cyber security:
- Establish a cyber incident response plan
- Rehearse the response plan regularly, using a range of different scenarios
- Monitor and manage the risk posed from their supply chain
- Ensure they understand the terms of their insurance and what is covered
- Understand what 'normal' looks like for their business, in terms of application usage, so they can identify any unfamiliar patterns
- Invest in regular training and raise their people's awareness of cyber security
You can access the full report here.