Verdict UK – Lack of board-level cybersecurity awareness “alarming”

verdict-logoA UK government report highlighting a significant lack of board-level cybersecurity awareness among FTSE 350 members has been dubbed “alarming” by a senior cybersecurity professional.

The report, published today, found that only 16% of boards have a full understanding of the impact and disruption associated with cyberattacks, despite 96% having an established cybersecurity strategy.

“It’s alarming to see that the boards of the UK’s biggest businesses don’t understand the impact of cyberattacks, especially given that the impact of a serious attack is absolutely proven to impact revenue, reputation and even individual jobs,” said Jason Hart, CTO of Data Protection at Gemalto and former ethical hacker, in response to the news.

“Of course these organisations will have a cybersecurity strategy in place, but if the business doesn’t understand it – let alone test it – it may as well not be there,” added Hart

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Verdict UK – JPM Coin: JP Morgan cryptocurrency blasted as against the “freedom and spirit” of crypto

verdict-logoThe JPM coin, the newly announced JP Morgan cryptocurrency, is being seen as a key step in the adoption of the technology in the mainstream banking industry, however for some in the industry it is a cause for deep concern.

Announced yesterday, the JP Morgan cryptocurrency will begin being used this year, but only for internal applications. Pegged 1:1 to the US dollar, the JPM Coin will be used by the banking giant to provide dramatically faster transfers between accounts than with traditional methods.

“With JPM Coin hopefully the tables are turning for digital currencies and we can really start to see the benefits that blockchain technology can bring to the financial world,” said Jason Hart, CTO of data protection at digital security company Gemalto.

“By focusing on a set use case, JP Morgan can control the currency and work closely with regulators to ensure that it fully meets their requirements, before taking it mainstream.”

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Verdict – Just 4 in 10 businesses confident they could spot an IoT hack

verdict-logoWith the number of connected devices set to top 20 billion by 2023, their potential for transforming business is great. However, with this increased connectivity inevitably comes a potential IoT security risk.

Despite the UK Government introducing the Internet of Things (IoT) security code of practice for manufacturers and developers last year, many businesses are not adequately prepared for the event of an IoT hack, research has found.

Jason Hart, CTO of Data Protection at Gemalto believes that the industry has been too slow to regulate:

“Given the increase in the number of IoT-enabled devices, it’s extremely worrying to see that businesses still can’t detect if they have been breached. With no consistent regulation guiding the industry, it’s no surprise the threats – and, in turn, vulnerability of businesses – are increasing. This will only continue unless governments step in now to help industry avoid losing control.”

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