You’ve probably seen the recent news about how cyber-attacks are now the number one business risk in Europe, North America and East Asia and the Pacific, according to the latest report from World Economic Forum (WEF). Mick Bradley, EMEA VP at data protection vendor, Arcserve addressing the hot topic of cyber security in the boardroom commented below.
Mick Bradley, EMEA VP at Arcserve:
“It’s no surprise that executives in the UK and Germany both place cyber-attacks as the number one risk to business. As we become more digitally connected, organisations are spending an increasing amount on cybersecurity software. But despite this, we are still witnessing an increase in hacks, outages and data breaches.
Our research has shown that the cost of downtime when cyber-attacks or outages happen is also a growing concern. Tolerance for data loss is also diminishing – 93% said their companies could only tolerate minimal, if any, data loss from their critical business applications yet just 26% feel extremely confident in their ability to recover quickly enough to avoid business disruption/loss of revenue. Despite this, more than half (56%) of organisations don’t have a recovery plan in place and nearly 70% of executives believe that cyber-attacks are a data security issue rather than recovery. However, it’s virtually impossible to completely eliminate security risks or weaknesses in systems despite how much is invested into security solutions, so executives need to also focus on recovery and resiliency in the fight against cyber criminals, to maintain business continuity when things inevitably go wrong.”