22 technology: managing data
Greater emphasis needed on cyber danger at board level
With the WikiLeaks drama continuing to create headlines, Grant Thornton highlights the importance of rethinking the strategy behind the security of people, information and assets inside an organisation
Tim Foster-Key, director of business risk services at Grant Thornton’s Southampton office, said: “No longer does the idea of a “hard outer shell“ constitute an adequate approach to cybersecurity. We cannot lose sight of how business connects to and interacts with technology. The need to balance business innovation with prudent and practical application of cyber-security principles is part of the equation for organisations that want to win.“
Last November saw the release of the Cyber Governance Health Check tracker report which offered significant insight into the cyber governance of the FTSE 350. The report is just one part of the UK cyber security strategy aiming to make the UK one of the most secure places in the world to do business in cyberspace. Led by Government in partnership with Grant Thornton and the other firms auditing the full spectrum of the FTSE 350 companies, the Cyber Governance Health Check report brings together the attitudes towards protecting data assets and the risk from cyber threats.
The report aggregated the results from the FTSE 350, which used a web-based tool to assess and report levels of cyber security awareness and preparedness.
Interestingly 56% of respondents reported that their boards either ’never’ or ’rarely’ reviewed the data assets they held – particularly in terms of the legal, ethical and security implications of retaining them
Foster-Key stresses the point that self- awareness is one of the crucial points not only to putting the right processes in place to minimise the risk from a cyber threat, but also for putting the value back into their business. “Businesses need to question the data they are holding – what is most relevant and what they should be protecting.
“It’s not just about reducing risk of an attack by having less data. By validating the data you store, why and for what purpose means what you have left is smaller in volume but higher
in quality, and financially you gain from having less data to secure and manage. Think about the investment you are making in keeping this valuable information and what it is going to deliver back to your business.“
One of the key areas of the report summarises how the leadership teams of FTSE 350 managed their cyber risk profile and threat to their business. The importance of cyber risks to their business was rated ’extremely important’ by 50%, and in the technology and communications sector this represented 82%.
Despite this 35% of all respondents claimed cyber risk was not regular board business, and only 10% reviewed their strategic risk register at every board meeting
Foster-Key concluded: “Good practice is going to be found in those businesses that have the self-awareness across all levels. The report offers UK companies the opportunity to understand what the risks from cyber threats really are and to start taking that responsibility and applying good governance across their business.“
Details: Tim Foster-Key 023-8038-1143
www.grant-thornton.co.uk
www.businessmag.co.uk
THE BUSINESS MAGAZINE – SOLENT & SOUTH CENTRAL – APRIL 2014
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