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Getting wise to cyber risk

This guidance note, commissioned by the Department of Business, Innovation and Skills (BIS) is designed to help boards to understand the risks associated with cyber crime.

The guidance particularly focuses on:

  • Issues to address, including identifying potential adversaries
  • Conducting comprehensive risk assessments to understand the risks particular to each individual company
  • Why cyber risk is different from other kinds of risk
  • Actions for the board and audit committee.

Companies are advised to be on the ‘front foot’ in terms of preparedness to combat cybercrime, with the board having a firm grasp of the potential risks, to ensure a proportionate, business-wide response.

Seamus Gillen, Director of Policy at ICSA, said: "Cybercrime relates to economic crime committed using the internet and computers. It is not just another risk. Nor is it simply an IT issue that can be resolved by investing in technology alone. When, not if, this risk crystallises, it could destroy a company. This is a mainstream board issue."

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