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Many UK firms are failing to adequately assess their customers and trading partners for cyber risk, and are more vulnerable to cyber attacks themselves as a result.

Marsh’s Cyber Risk Survey Report revealed that nearly 70% of respondents from large and medium-sized corporations across the UK do not assess the suppliers and/or customers they trade with for cyber risk.

More than half of respondents stated that their organisation has not been asked to demonstrate a competent standard of their IT security practices to their bank and/or customers, in order to do business with them.

Board-level ownership of cyber risk remains comparatively low – IT departments continue to take primary responsibility for cyber risk in the majority of organisations, while the board takes primary responsibility for cyber risks in less than one-fifth of the organisations surveyed.

While the majority of firms surveyed have or are seeking to buy cyber insurance in the next 12 months, only 11% currently have policies in place.

The report’s findings are based on research among risk managers and chief financial officers from more than 100 large and medium-sized UK firms, including financial services, manufacturing, retail, healthcare and energy/utility companies.

Vendor:

TechTarget ComputerWeekly.com

Posted:

Feb 8, 2021

Published:

Jun 23, 2015

Format:

PDF

Type:

Research Content