A recent survey from Grant Thorton correlates with recent reports on the market impact of cyber and cyber attacks.

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A recent survey from Grant Thorton correlates with recent reports on the market impact of cyber and cyber attacks. It is estimated that UK mid-market companies can lose between 3% and 10% of revenue following a cyber attack and upto 25% if it’s severe. The impact of cyber attacks over the past year on UK mid-market businesses is estimated at £30Bn.

Given cyber is one of the top corporate risks, boards need to focus on managing it. Putting in place the necessary practices to oversight and assurance the risk, including;
1. Accept that cyber is a risk to the balance sheet and shareholder value and manage it appropriately.
2. Put the necessary governance and reporting structures to oversight and assure cyber risk.
3. Manage their cyber security maturity. Understand how mature their security is, close the gaps.
4. Identify and secure critical IP.
5. Set their risk appetite; review cyber risks at each board meeting using company specific KRIs and KPIs.
6. Ensure that they have a security organisation which can manage the risk.
7. Ensure that the organisation is cyber aware. Starting at the board table and driving down.

All very practical and simple things any company can do to build the foundations for managing its cyber risk.

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