The Institute of Chartered Accountants in England and Wales (ICAEW) has issued a warning to businesses about the need to put measures in place to avoid falling victim to cyber crime.
In its Audit Insights: Cyber Security report, the organisation warns that while businesses have a good awareness of the risks around cyber crime, this has not translated into a good awareness of the practical steps needed to avoid falling victim to this threat.
The report warns that businesses need to address the threat with greater urgency.
The report said: “Leading businesses recognise that good cyber security behaviour is a matter of organisational culture, meaning that security is integral to the values and goals of the organisation, with strong leadership at the heart of this cyber security culture.”
Richard Anning, head of ICAEW’s IT Faculty, said: “Cyber threats are constantly evolving and changing alongside technology, and it is unrealistic to expect businesses to be able to respond to each and every threat.
“But this is why it is absolutely vital to consider risk regularly as part of the board governance process, rather than once a year with other more static risks, otherwise those threats will only be identified once it is too late.”