The Network Group Events Comments on CGI Group and Oxford Economics Cyber-Security Research
By FF Newsroom · 13 April 2017
Jake Summerfield, Managing Director, The Network Group Events, comments on CGI research showing shareholders have lost at least £42bn from cyber-attacks in recent years:
“Whilst today’s report from CGI Group and Oxford Economics highlights the potentially damaging impact a data breach can have on companies, it’s important to remember that not all cyber-attacks will result in a hit to share prices.
“From our close work with CISOs from the FTSE 250 at the Financial Services Information Security Network event, in many cases where cyber-attacks do occur shareholders are not affected, and it’s often down to the way firms respond to a breach.
“Even with investment in cyber-security measures, no firm is 100% safe from a potential attack. Whether or not an assault impacts share price is therefore down to how a company responds to a suspected breach, and whether the way they store their data is compliant with data laws. After all, there are two types of company: those that have been hacked, and those that don’t know they’ve been hacked.”