Cyber Security Poses a Huge Risk to Businesses in the UK
Victoria Robinson

Member Article

IRM Supports Government Offering Cyber Security Education

Cyber Security is fundamental to all businesses across all sectors including banking, finance and insurance. Every enterprise in every sector globally relies heavily on technology in an increasing age of interconnectedness. Cyber is not only about hacking emails or bank account details – it affects business, infrastructure, defense and the safety and security of our nation.

The Department for Culture, Media and Sport recently announced that it will be providing £20m for cyber security lessons to be offered in schools, which will be designed to fit around pupils’ current courses and exams. Up to 5,700 pupils aged 14 and over will spend up to four hours a week on the subject in a five-year pilot.

IRM Chair, Nicola Crawford, FIRM, Managing Director, I-Risk says:

“The IRM applauds the government’s initiative to offer cyber security lessons in schools in England. Preparing Britain for the future challenges posed by cyber security threats is an important step in the right direction.

We live in an increasingly networked world, from personal banking to government infrastructure. Protecting those networks is no longer optional – the internet of things means enterprise wide risk management, including cyber security policy, has never been more important.

Cyber risk is now firmly at the top of the business agenda globally as high-profile breaches raise fears that hack attacks and other security failures could endanger the global economy.

Today organisations are increasingly recognising that they are insufficiently prepared to protect themselves against cyberattacks. And as Robert Hannigan, Director of GCHQ recently revealed that the UK is hit by 60 major cyber raids a month - it’s not surprising that governments and businesses are searching for better cyber defense strategies“.

IRM spokesperson Alexander Larsen, FIRM, President of Baldwin Global Risk Services Ltd agrees:

“Cyber Risk has been a growing threat in the last few years and it doesn’t look like 2017 will be any different. A recent report claimed that the risk in 2016 was four times higher than in 2015. Indeed, with technological advances allowing us to take further steps towards a cashless society, companies moving towards a paper free business model (one recently completed hospital in Qatar is virtually paperless), and goods such as cars, fridges, televisions and the home moving to complete automation or controlled by phone, there is more for hackers to target than ever before.

The IRM supports the growth of future talent in cyber risk arena but is also cognizant of the need to support business in the development of skills in the workplace to manage this threat today.

IRM has recently developed a course on managing cyber risk in response to this need. Developing the necessary talent to manage cyber threats is no longer a nice to have; it is a business necessity and extends learning from the classroom and into business.

This was posted in Bdaily's Members' News section by Victoria Robinson .

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