Businesses are falling behind in the fight against cyber threats, according to a report by auditors released today.
The Audit Insights: Cyber Security report shows the thoughts of the six largest audit firms and says there is a "growing gap" between business and cyber attacker capabilities, with economic growth and new business activity continuously creating new cyber risks.
The report also states that the nature of today's business structures is slowing their ability to protect themselves, while the agility of cyber attackers increases – meaning the risk of attack is growing.
Richard Anning, head of ICAEW's (Institute of Chartered Accountants in England and Wales) IT Faculty, said: "Businesses are more aware of cyber risks than before and are working to mitigate threats, yet they are still falling further behind the cyber attackers.
"Businesses must now match their good intentions with action. They need to focus their finite resources in the right places to prevent the gap from widening further, balancing investment in preventative controls with investment in new skills and solutions," Anning said.
Since 1 October 2014, the government has required all suppliers bidding for certain sensitive and personal information-handling contracts to be certified against the Cyber Essentials scheme.
The report suggests that policy makers should increase support for businesses in building strong cyber security capabilities, focusing on providing training to smaller businesses.
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