Chamber: Businesses need to improve their cyber security
Nearly one in five Norfolk businesses have fallen victim to cyber-attacks in the past year, according to the results of a survey released today (Tuesday) by the British Chambers of Commerce (BCC).
The survey of more than 1,200 businesses across the UK, including those in Norfolk, found that 19% of Norfolk businesses had been hit by a cyber-attack in the last 12 months.
The results indicate that businesses in our region are most reliant on IT providers (63%) to resolve issues after an attack, compared to seeking support from banks, financial institutions or police and law enforcement.
The findings also show that 13% of Norfolk businesses believe the threat of cyber-crime is preventing their company from growing.
The survey also shows:
- Less than a quarter (21%) of Norfolk businesses have cyber security accreditations in place
- Smaller businesses are far less likely to have accreditation (10% of sole traders and 15% of those with 1-4 employees) than big businesses (47% with more than 100 employees)
- Across the UK, those businesses that do have accreditations, nearly half (49%) believe it gives their business a competitive advantage over rival companies, and a third (33%) consider it important in creating a more secure environment when trading with other businesses
From May 2018, all businesses who use personal data will have to ensure they are compliant with the new General Data Protection Regulation (GDPR) legislation. In preparation for these regulatory changes, Norfolk Chamber of Commerce are set to deliver our own Cyber Security Conference on 18 May this year.
The new regulation will mean that businesses will have to completely re-think their data protection regimes. High standards are to be set on the accountability of how data is recorded, kept and processed. One of the biggest threats is the increase in fines from €500,000 to a maximum of €20m or 4% of global turnover.
Nova Fairbank, Public Affairs Manager for Norfolk Chamber said:
“Cyber-attacks risk companies’ finances, confidence and reputation, with victims reporting not only monetary losses but costs from disruption to their business and productivity.
“The necessity of strong cybersecurity measures is self-evident and business needs to respond to this increased threat by adopting strict cybersecurity measures to ensure their continued economic growth. Our Cyber Security Conference will give Norfolk businesses the necessary tools to help protect themselves.
“A good step towards being more cyber security conscious is to become accredited. Accreditations can help businesses assess their own IT infrastructure, defend against cyber-security breaches and mitigate the damage caused by an attack. It can also increase confidence of their online clients.”