Many firms still have a long way to go to manage the risks of a cyber attack, the latest government-backed cyber governance health check has revealed.
In July 2013, UK intelligence agency heads and the Department for Business, Innovation, and Skills called on the country’s top 350-listed companies to take part in regular assessments.
The call came after business consultancy firm KPMG published a report revealing cyber leaks at FTSE 350 firms were putting the UK’s economic growth and national security at risk.
The health checks are aimed at assessing how well FTSE 350 boards and audit committees understand and oversee risk management measures and address their cyber security threats.
The first governance health check in November 2013 found that, while cyber security has the board's attention in most companies, many firms needed a more mature approach to cyber risk management.
The latest assessment of FTSE 350 companies revealed a lack of communication between boards and business managers and a growing reliance on legal remedies.
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