Cyber security in freefall with many organisations behind the curve warns PwC

As the threat dynamic continues to shift and the criminals become increasingly sophisticated the professional services firm has called on business and government to take ultimate responsibility for cyber security and collaborate more closely to combat the risk. “The cyber security industry is in freefall. Operating securely in the cyber environment is among the most urgent issues facing business and government leaders today. But many organisations have a long way to go if they are to combat the incredible resourcefulness and ability of the attackers. The criminals are nimble and quick on their feet, and this a fast-paced battle. Despite the growing threat, leaders continue to focus on exploiting the opportunities of cyber and are ignoring the risks,” said William Beer, a director in PwC’s cyber and information security practice.hideAccording to Ed Gibson, a director in PwC's US Forensics Practice, a former FBI Special Agent and Chief Cyber Security Advisor for Microsoft–UK, there has been a shift in the cyber threat over the last couple of years. “Organisations are facing advanced persistent threats and attacks, the scale and nature of which are unprecedented. Hackers used to be the prime source but now we are seeing large groups of highly organised criminals and even countries, sometimes using hackers as part of their operations,” he said. Mr Beer outlined key steps that organisations can take in order to protect themselves against the cyber threat. It is imperative that CEOs get to grips with the threats from the internet, he said. PwC believes that leadership by a ‘cyber savvy’ CEO will enable an organisation to understand the opportunities and realise them securely and sustainably through effective security. Organisations must reassess their security function’s fitness and readiness for the cyber world. As new risks emerge, the focus needs to be upgrading or transforming the existing capabilities to ensure that the organisation’s responses to its security needs fully encompass cyber security, he explained. Companies must also align security function and priorities as closely as possible with the realities of the cyber world. Organisations need a clear understanding of the current and emerging cyber environment and so must achieve 360-degree awareness. “This demands situational awareness, which is a prerequisite for well-informed decisions on cyber security actions and processes,” said PwC. Organisations are also advised to create a cyber incident response team and take a more active and transparent stance towards threats. “The unpredictable and high profile nature of cyber threats tends to engender a defensive mindset. But a number of cyber-savvy organisations are now getting onto the front foot by adopting a more active stance towards attackers, pursuing them more actively through legal means, and communicating more publicly about their cyber threats, incidents and responses. By taking a more active stance, the organisation can show that it takes attacks seriously and will strive to bring offenders to justice,” said PwC.

Cyber security in freefall with many organisations behind the curve warns PwC

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