Wednesday 9 May 2012
Businesses which fail to take all necessary IT security precautions are starting to experience significant losses, it has been claimed.
Michael Fey, author of Security Battleground: An Executive Field Manual, said securing information is more important now than ever before.
"The gravity of the situation has gotten worse," he commented.
"Organisations are starting to see real meaningful loss, not just annoyances. It is estimated that over £1 trillion in damages have already occurred due to their cyber activities."
Mr Fey predicted that over the next five years, that number is expected to rise to £5 trillion.
"So there are a lot of organisations that will retain an exorbitant cost as a result of these activities," he stated.
The expert said that in many organisations, the missing formula for IT security success is a strategic plan properly implemented by the executive team.
With greater direction from the top of the company - and the effective training of employees - many of the risks can be minimised, he suggested.
Tony Neate, chief executive officer at Get Safe Online, recently claimed that the internet is "a vital tool" for businesses and consumers, but it is important to be aware of the risks.
Posted by Alex Boardman