60% of financial sector directors see cyber security as ‘very high priority’

iStock credit: Kirill_Savenko

Some 60 per cent of directors in the finance sector believe cyber security is a key priority for their business, a new study has found.

The research from Savoy Stewart learned that 50 per cent of respondents in education, health and social care also perceived cyber crime as a vital consideration, putting the industry in second place.

The hospitality and food sectors viewed cyber security as the lowest priority, with just 15 per cent considering it to be of very high importance. Directors in the entertainment, service or membership sectors are also apprehensive, with just 21 per cent concerned about the matter.

Only 23 per cent of respondents in the construction and transport industries view cyber security as a key consideration and manufacturing (31 per cent), admin (28 per cent) and retail (39 per cent) all not deeming the issue to be a high priority.

Savoy Stewart also offered a host of tips to help staff ensure their security is as strong as possible. It recommends keeping all software up to date, applying security patches and regularly changing passwords.

The group also advises that functionality should be restricted for every device, operating system and application to ensure they can be used as efficiently as possible.

Understanding risk is another key part of any security policy, as vulnerabilities can appear at any time. To address this, make sure regular auditing takes place to spot any hazards that could allow cyber criminals to steal data.

Employees must also be well aware of any risks to a company. This means offering effective security education that teaches staff about the most common types of malware and how they can be avoided. 

Simply clicking the wrong email attachment or misplacing an external hard drive can result in devastating damage, so it is key for staff to be aware of what they need to look out for.