FinTech Magazine June 2019 | Page 28

CYBERSECURITY
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2018 turned out to be a significant year for cybersecurity with breaches and attacks making the news far too often . In fact , a recent report released by the Department for Digital , Culture , Media and Sport revealed that over four in ten businesses ( 43 %) in the UK experienced a cybersecurity breach or attack last year . The same report goes on to highlight that despite the growing number of cybersecurity threats and attacks fewer than three in ten businesses ( 27 %) have formal cybersecurity policies in place .

While this discrepancy is worrying , it shines the spotlight on why business leaders are yet to fully embrace the value of cybersecurity .
Although we ’ re in the era of digital transformation , many organisations are looking for guaranteed returns from their technology investments . Therein lies the problem – with increasingly tight budgets , senior leaders view of cybersecurity systems is currently framed as insurance . So ,
JUNE 2019