Cyber security continues to be one of the key risk areas that organisations face. Widespread remote working and the increasing pace and sophistication of cyber-attacks has meant that this risk has been particularly exacerbated during the COVID-19 pandemic. Notably, weakened human defences owing to stress and isolation have left organisations particularly vulnerable to potential attacks. The possible consequences of a successful cyber-attack could have a catastrophic impact on organisations long-term sustainability particularly during this challenging operating environment for businesses.
This is why the Chartered IIA’s research, Mind the Gap: Cyber security risk in the new normal, aimed to understand what organisations are doing to manage and mitigate cyber security risk, and the role they play in promoting a cyber security awareness culture.
The findings highlighted a concerning gap between understanding the importance in establishing a strong cyber security culture and, the steps that organisations are taking to achieve it.
Almost all respondents (91%) said that implementing a stronger cyber security culture within their organisation would prevent potential attacks. However, in comparison, only 65% reported that employees at all levels are aware of and recognise their role in cyber security. Similarly, only a third (33%) of senior internal auditors reported assessing whether their organisation had invested in security training for employees adapted to the new remote working environment. Clearly there is more work to be done here.
A strong and effective cyber security culture is crucial for organisations’ cyber resilience. Employees are one of the key defences in cyber security and appropriate training can ensure that they understand and play their part in mitigating the associated risks by acting as ‘human firewalls’. After all, businesses are only as strong as their weakest link.
The impact of the pandemic on cyber security practices has also been highlighted. We know that cyber-attacks can have a catastrophic impact on organisations resilience. Over half (51%) of business have suffered a cyber-attack in the last 12 months that had an impact on products and services. Taking into account the challenges that organisations are currently facing, perhaps it was not surprising that the biggest barriers to implementing better cyber security practices are competing priorities (48%), employees working remotely (42%) and insufficient budget (27%). Clearly this suggests that there could be added value in strong and effective cyber security culture practices in place to mitigate the impacts of crises on organisations.
A strong cyber security culture that is led by the belief that cyber security is not an IT risk but rather everyone’s responsibility, would ensure that the associated risks are in mitigated in 2021 and beyond. That is not to say that technological controls will not remain relevant. With organisations considering a hybrid way of working beyond the pandemic, a combination of technology and awareness to mitigate human error will be the most effective defence in the new normal.
Kristina Ginkina is Policy and External Affairs Executive at the Chartered Institute of Internal Auditors and author of ‘Mind the gap: cyber security risk in the new normal’ which is available on the Institute’s website at www.iia.org.uk