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88% of firms unprepared for cyber crime

Tuesday, November 10, 2015 - 01:36

A cybersecurity survey has found that a staggering 88 percent of global organisations don’t believe their information defences fully meet their needs. But as Ivor Bennett reports, many still aren't willing to spend the money needed to improve them.

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TalkTalk, Carphone Warehouse, Sony, Ashley Madison... The high-profile hacks are piling up. But the worst is yet to come, says EY's cybersecurity leader Ken Allan. SOUNDBITE (English) KEN ALLAN, GLOBAL CYBERSECURITY LEADER, EY, SAYING: "It can only be a matter of time before the scale of a breach on an organisation, that is a household name, is so great that the organisation will no longer survive." A survey by EY found that a staggering 88 percent of companies feel their cybersecurity isn't good enough. Yet still, many aren't doing much about it. A third of companies in banking will not be increasing their security budgets next year. While in retail, it's nearly 40 percent. SOUNDBITE (English) KEN ALLAN, GLOBAL CYBERSECURITY LEADER, EY, SAYING: "The scale of the threats is increasing. Organisations are getting better at dealing with those threats. But unfortunately the sophistication of the attacks is increasing faster than the mitigating actions against those attacks." A recent report by Grant Thornton estimates that cyber attacks have cost companies over 315 billion dollars over the last 12 months alone. The attempted daily breaches on any one company numbering in their millions. SOUNDBITE (English) KEN ALLAN, GLOBAL CYBERSECURITY LEADER, EY, SAYING: "Pretty much every organisation is being breached most of the time, to a greater or lesser extent. And by accepting that, organisations can then turn their attention to how do we contain those attacks, how do we deal with them, how do we detect them, rather than assuming they can prevent them, because they absolutely cannot." Criminal syndicates and state-sponsored groups are seen as the most likely sources of a cyber attack. But with hacking tool kits available for free over the internet, the threats can come from anywhere.

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88% of firms unprepared for cyber crime

Tuesday, November 10, 2015 - 01:36