5/7/2014 - U.S. companies outperforming Europe in cyber alertness
After the highly publicized Target breach, where the financial information of millions of customers was targeted, cyber security experts cautioned that retailers needed to advance their technological systems in a manner similar to what's taken in place in Europe. Stores there have largely replaced the magnetic-strip technology hackers use to access credit card information with something more secure.
But in terms of overall readiness, companies in the U.S. are ahead of the game, particularly when compared to the company establishments in European continent.
Approximately four in 10 U.S. business executives consider cyber attacks to be a top priority, versus only 20% of company owners in Europe, according to a new report from information technology services provider BT.
"U.S. businesses should be celebrated for putting cyber security on the front foot," said Mark Hughes, CEO of security for BT. "The risks to business are moving too fast for a purely reactive security approach to be successful. Nor should cyber security be seen as an issue for the IT department alone."
He added that cyber warfare is never static, however, meaning that those criminals who are involved in the practice are constantly refining their strategies in order to exploit where businesses are vulnerable. As a result, board level executives need to educate their workers about how to stay one step ahead of the game.
"The stakes are too high for cyber security to be pushed to the bottom of the pile," said Hughes.
It goes without saying, but breaches are bad for business, costing companies millions of dollars each year to put things back in order after being victimized. Selective's CyCurity® cyber-liability coverage can help enable executives to stay on top of these threats. Speak with a Selective independent agent today to learn more.