The implications of cyber security to your business

All organisations depend on digital processes, data and systems. This makes them increasingly vulnerable to being manipulated. Cyber security is about ensuring your business is resilient to that manipulation to prevent fraud, theft of sensitive data or business disruption, and the severe risks to reputation that comes with that. It requires the whole organisation to pull together to protect its future and the wellbeing of those it interacts with.

Organisations should not be in fear of the threat; they just need to be confident in their ability to manage the risk.

We understand that digital networks are critical to businesses and our national security. It is a government and enterprise wide issue that needs to be recognised, understood and led by governments, and boards and management across the UK and the world. In order to ensure our economic prosperity and personal privacy, we need to tackle the issue head on.

PwC offers a unique service offering, where we bring together the breadth of capability that clients need to operate as an integrated team. We have some of the world's leading technical, risk management, legal and delivery capabilities in this area.

In the following video, Kevin Ellis, our UK managing partner, and Richard Horne, cyber security Partner discuss the implications of security and how we can help you build confidence in your digital future.

 

Transcript

Kevin Ellis: There isn’t a day that goes by that we don’t see something on cyber security in the news. It is a hot topic and as our reliance on digital technologies increase, there will only be more stories told. The digital age provides a wealth of opportunities for organisations to grow and develop. However, in seizing these opportunities organisations can make themselves vulnerable to very real and increasing numbers of cyber security threats. The Internet and e-commerce are keys to our economic competitiveness, but our dependence also makes us susceptible to cyber attacks.

PwC understands that digital networks are critical to businesses and our national security. It is a government and enterprise wide issue that needs to be recognised, understood and led by governments and boards and management across the UK and the world. In order to ensure our economic prosperity and personal privacy, we need to tackle the issue head on.

Richard Horne: All organisations depend on digital processes, data and systems. This makes them increasingly vulnerable to those being manipulated.

Cyber security is about ensuring your business is resilient to that manipulation to prevent fraud, theft of sensitive data or business disruption, and the severe risks to reputation that comes with that. And it’s real. We’ve seen hundreds of millions of pounds lost to fraud, large commercial transactions derailed, customer-impacting disruptions to business operations, and significant brand value and consumer confidence diluted.

But organisations should not be in fear of the threat; they just need to be confident in their ability to manage the risk.

We are at the centre of the UK’s efforts to bring cyber security awareness to the forefront; for example, we have been involved in the government’s FTSE 350 cyber governance health check. And we are unique in that we in that we bring together the breadth of capability that clients need to operate as an integrated team. We have some of the world's leading legal, technical, risk management, and delivery capabilities in this area.

We talk in terms of six areas organisations need to be confident in: their technology, their people, their connections with others, their ability to take risks, their ability to respond during a crisis, and prioritising and protecting what matters. This helps illustrate the extent to which this is an enterprise risk issue, and not something that can be delegated to the CIO to deal with. Only by taking a broad approach can organisations be confident in their digital future.