The Analysis Editor’s Letter


Getting back to work amidst difficult times


Stephen Kiely Editor, CCRMagazine stephen@ccrmagazine.co.uk


I sit down to write this letter with a heavy heart. News is everywhere about the terrorist atrocity in Manchester, and there appears to be genuine fear over potential future attacks. As things stand, we do not know the full


extent of the horror. With the reach of CCRMagazine’s readership and importance of the fine city of Manchester, it is, tragically, quite possible that some of our readers know people who have been affected. It is futile to speculate, but instead we


should send all our hopes and condolences to anyone involved and look to carry on with our lives, in order not to let the terrorists win. Of course, the stoic approach is one that


will, quite rightly, be taken across industry, but maybe, in certain ways, credit and collections professionals have a particular role, not only dealing sensitively with anyone affected, but also in working to guard against cyber-crime. For there was another mass attack last


month, affecting the NHS and other organisations, and, although this time it seems to have been more motivated by personal greed than any warped ideology, it has certainly been known to play a role as a terrorist weapon and source of funding. And it seems that there is work to be done.


However, fewer than half of respondents said that their level of investment in cyber- security will increase over the coming year. Similarly, only 49% of respondents said


that their overall cyber-security position would be better in a year’s time. “Given the rise in data breaches, it is


surprising that less than half of the firms we surveyed are increasing their investment, or expect to have a stronger cyber-security position in a year,” said Steve Hadaway, FICO general manager for Europe, the Middle East and Africa. “We are in a technological arms race


In the survey, 58% of senior executives responsible for security at UK firms said that the number of data-breach attempts had risen in the last year, and 53% expected a further rise in the next year


Less than half of UK firms will increase their investment in cyber-security protection to match an expected rise in data breaches, according to a new survey conducted for FICO. Less than half of executives surveyed believe their company will have stronger cyber- security protection in a year’s time. In the survey, 58% of senior executives responsible


for security at UK firms said that the number of data- breach attempts had risen in the last year, and 53% expected a further rise in the next year. Among telecommunications firms, a startling 75% expected data breaches to rise in the next year.


June 2017


with the criminals, and standing still will give criminals the advantage. Our survey did show that a higher percentage of financial-services firms, 67%, plan to increase their cyber-security investment in the next year.” Security executives named a number of


priorities for their cyber-security initiatives, including better end-point protection, more firewalls, and greater use of analytics and security intelligence. One gap noted in existing defences is


data-breach response plans. While 63% of UK respondents have monitoring, scoring, and reporting services, and 71% have board-level reporting, only 41% have a tested data-breach response plan. By way of comparison, a total of 52% of US


respondents have such a plan. So, there is much to do as we all get back to work and seek to do


our part to develop a safer future for our communities, our country, and all our fellow citizens. After all, as author and clergyman Edward Everett Hale, said: “I


am only one, but I am one. I cannot do everything, but I can do something. The something I ought to do, I can do. And by the grace of God, I will.”


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