Research commissioned by Crises Control from the well respected Business Continuity Institute into the causes of, and responses to, the growing threat of cyber attack has found some worrying trends in how companies respond to such incidents, including how quickly they take action after an incident has occurred. The research is based on a survey of 369 business continuity professionals from right across the globe.
66% of respondents to the survey reported that their companies had been affected by at least one cyber security incident over the last 12 months. The costs of these incidents varied greatly, with 73% reporting total costs over the year of less than €50,000, but 6% reporting annual costs of more than €500,000.
The BCI research found that there was a wide range of response times for cyber incidents. Almost a third of companies (31%) responded promptly, within one hour. However, one fifth (19%) take a worrying four hours or more in responding to a cyber event and almost half (45%) take more than two hours to respond. This has clear implications for the time taken to return to business as usual and the ultimate cost of the incident for the company.
Even if companies wish to respond immediately to a cyber attack, the nature of the attack may render them unable to do so. The research found that phishing and social engineering was the top cause of cyber disruption, with over 60% of companies reporting being hit by such an incident over the past 12 months and 37% hit by spear phishing.
It also found that 45% of companies were hit by a malware attack and 24% by a denial of service. All of these forms of attack will, in different ways, render a company’s own network either contaminated or inoperable. Their website may have been taken down and they may well have to switch off their internet connection until they can secure themselves from further attack.
Rickie Sehgal, Chairman of Crises Control, said:
“Rapid communication with employees, customer and suppliers is vital for any company in terms of responding effectively to a major business disruption event such as a cyber attack. A resilient response plan must include a cloud-based communications solution, like Crises Control that does not touch the company network. It is vital that such a solution stands completely separate from your network if it is to be of use to you when your own system has been contaminated and needs to be isolated.
When your business is at risk, even a one hour delay in responding to an incident can be too long. Taking more than two hours to respond, as almost half of companies do, is just unacceptable. Crises Control can help you reduce that response time to under two minutes with its automated trigger alerting system, saving you both money and possibly even your business itself.”
Notes to Editors
Crises Control, the mass notification, multi-channel, business continuity platform and crisis response solution, has recently been nominated as the Most innovative Product of the Year in the prestigious CIR Business Continuity Awards 2016. Built in 2014 by a tech company for their own clients, Crises Control was so successful that Transputec took its development up a level, adding to its user experience and incorporating a number of features unique in the field, before launching it on the open market.
For further details contact Tim Morris, Director of Marketing for Crises Control on 020-8584 1358 or 07788-395904.