CBI: 50 Years of Business Innovation

CBI: 50 YEARS OF BUSINESS INNOVATION | UK SPOTLIGHT

MANAGING THE CYBER SECURITY RISK

KPMG www.kpmg.com/uk/cyber

Technology affords businesses numerous benefits, including a global customer base, but it can also bring with it many hazards. Whereas in the physical world, a protester might loiter outside a shop with a banner and make it difficult for customers to enter, in the electronic world that same protester can round up global support to flood a retailer’s website so that genuine customers can’t get through. Whereas in the physical world, a disgruntled ex-employee would need 10 lorries to wheel out sensitive files, in the electronic world all they need is 10 minutes and a memory stick. KPMG – a leading provider of professional

services – wants companies to feel free to pursue their business aspirations, safe in the knowledge that their cyber security is up to scratch. “The benefits of technology still hugely

outweigh the risks,” says Stephen Bonner, a Partner in the cyber security team at KPMG. “But it’s about managing those risks, not avoiding them. Organisations should carry out a proper risk assessment and ask what they have of value, what their threats are and what would be an appropriate level of protection. They don’t want to overspend and let it get in the way of successful growth but, if they don’t take cyber security seriously, they risk losing customer confidence.”

RISKY BUSINESS In assessing that risk, there are four main types of cyber attacker to consider: organised crime; nation states; hacktivists, and current and ex-employees. “Most of my work is with financial services organisations whose principal threat is from organised crime,” says Bonner. “As banks get better at defending themselves, cyber attackers look to other organisations, such as retailers, and use their customer records or credit card numbers to commit fraud.” Until recently, payment fraud only affected

large corporates, but now small and medium- sized enterprises across almost every industry are falling victim. “Many SMEs have an online- only presence,” says Martin Tyley, another Partner in KPMG’s cyber security team. “This has many advantages, but it makes these firms particularly vulnerable to cyber attack.” There are, however, smart ways for

SMEs to access cyber security. “You don’t need to hire expensive resources,” says Tyley.

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