A lack of understanding of cyber security issues is holding business leaders back from forming a sufficient strategy against cyber crime.
According to former GCHQ director Sir David Pepper, too many businesses are ignoring the immensity of cyber crime, and strong leadership from both government and industry is needed to protect the nation against criminals, hacktivists, cyber terrorists and espionage.
Speaking at the Institution of Engineering and Technology's annual Mountbatten Memorial Lecture, Pepper said many businesses are not spending enough on appropriate cyber defences and fail to perceive cyber crime as a business risk.
He said: “The internet has transformed the infrastructure on which government, commerce and individuals depend, with far-reaching consequences for society and behaviour. The impact on national security has been profound and those responsible for the country's security have to try to keep pace with cyber criminals and others who use the internet for malign purposes.
“Government and business need to work together to ensure that the risks brought about by cyber crime are matched with appropriate investment, information sharing, training and changes in behaviour to give better protection.”
He added that businesses are also failing to recognise the need for effective risk management protocols and understanding to identify and protect information that is of value to the organisation.