U.K. Survey Finds Corporate Boards Aren't Taking Cyber Risk Seriously

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According to the results of a recent survey of FTSE 350 company secretaries by the Institute of Chartered Secretaries and Administrators (ICSA) and the Financial Times (FT), while almost all respondents said the risk from cybercrime is increasing, 79 percent of respondents said their board hasn't actively discussed, or hasn't even seen, the U.K. government's Cyber Security Guidance (h/t SC Magazine).

Similarly, 32 percent of respondents said their board has not actively sought to identify the company's key information assets and thoroughly assessed their vulnerability to cyber attacks.

"The survey seeks to understand how boards are positioning themselves in relation to key business issues," ICSA director of policy Seamus Gillen said in a statement. "These results demonstrate the degree to which boards continue to underestimate the dangers posed by cyber risk. Cybercrime has the potential to destroy significant amounts of value, as well as the company’s reputation."

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