According to a recent report published by the Financial Conduct Authority, companies need all of their staff to be more vigilant and not just rely on their technical pros.
The report which surveyed 300 firms about their tech and cyber resilience showed that there was an 18% increase in the number of cyber attacks against the financial sector in the year to October.
It also revealed that nearly 80% of those surveyed have problems understanding what information they hold and gaining visibility into third parties. Third-party failures accounted for 15% of operational incidents.
Megan Butler, executive director of supervision at the Financial Conduct Authority (FCA) said at a Bloomberg event; “For most of my career in this industry, the rock stars of finance were always the alpha traders. Today, it’s the chief information officers and IT consultants who are in high demand and short supply. Financial businesses should have all of your people acting as your eyes and ears. Because even rock star CIOs can’t shoulder all of the responsibility.”
We at XQ wholeheartedly agree, let your tech superstars do the crack stuff and educate your staff in the cyber basics.
Automated services such as CyberScore™ can play a major role in empowering those without the technical skills of CIOs to ensure that they have the oversight needed to keep an eye on the security of their businesses. Adoption of certifications, such as the government’s Cyber Essentials and Cyber Essentials Plus schemes should also be encouraged.
If everyone is aware of what suspicious activity to look out for, be it phishing emails or malicious websites, the threat will be reduced. In short, educating employees in the cyber basics has been proven to greatly reduce the chances of a company falling victim to cyber-attack.
A separate report released by the think tank Parliament Street shows that the number of incidents of cybercrime being reported to the Police has increased by 14% over the past two financial years. Reported cybercrime rose from the 1,181 incidents recorded in 2016/17 to 1,354 in 2017/18. The figures are likely to not paint the true picture of the issue as many cases of cybercrime go unreported.
For more information about CyberScore visit – https://xqcyber.com/cyberscore
XQ Cyber also offers a range of incident response and consultancy services such as Penetration Testing, Cyber Posture Assessments and Incident Response preparedness and testing.