UK Boards Fail to Handle Cyber-risk, Especially at Telecoms
UK boardrooms are struggling to cope with cybersecurity risk, especially in the telecoms and utilities sectors, where exposure is dramatic. Overall, a lack of expertise and awareness continues to plague businesses in key sectors.
A new study from CGI reveals that a full 38% of C-suite executives in UK telecoms, utilities, financial services and retail sectors believe a cybersecurity breach at their organization is likely over the next 12 months—at an average total cost over a one-year period of £1.2 million. But too few of them have real cybersecurity expertise.
On average, almost 30% of UK boardrooms in key sectors of the economy (telecoms, utilities, finance and retail) still view cybersecurity as an IT issue. And, only 35% of boardroom executives believe their board has a high level of personal expertise in cybersecurity. While boards in these key sectors rely on externally sourced cyber expertise for 15% of their requirements on average, 68% confirmed they plan to increase reliance on external consultants over the next few years.