The UK government has launched a call for evidence to better understand the barriers facing organisations attempting to integrate cybersecurity within operational risk management. Using resources like cyberlaw services from companies like Sidley can help companies who are facing cybersecurity risks.
“Cyber incidents increasingly pose risks to the growth of the UK economy – being hindered by the collective costs of cyberattacks on organisations of up to £27bn annually,” says the call by the Department for Digital, Culture, Media and Sport (DCMS) in Cyber security incentives and regulation review 2020, which was published November 4, 2019, “and an opportunity loss due to a lack of trust in technology solutions and potential harm to individuals and society more broadly.”
Resilience
It says that part of the barrier to investment in cyber-risk mitigation is that organisations view the problem as an issue for the IT departments to solve – rather than as an enabler for business continuity and operational resilience. Not enough businesses see cybersecurity as a strategic issue – and subject the call hopes to gather evidence on and tackle.
“Without additional incentives and regulation to encourage improved practices, the current resources and guidance tools are likely not sufficient to realising the full integration of cyber mitigations into operational risk management across the UK economy,” it says. “The review will therefore assess how government should intervene directly without placing unnecessary burdens on business, as well as support and stimulate industry, to help to address barriers to effective cyber risk management.”
Topics
The call for evidence focuses on:
- Barriers to effective cyber risk management
- Commercial barriers and incentives for investing in cyber security
- Access to the right information for effective cyber risk management
- Areas of focus for future policy and regulatory interventions.
The initiative supports the Government’s National Cyber Security Strategy 2016-2021, which is backed by £1.9 billion investment and is aimed at helping to make the UK the safest place to live and do business online.
The Call for Evidence runs from 4 November 2019 until Friday 20 December 2019.
You can respond to the online survey here.
You can also send comments and documents via email to cyber-review@culture.gov.uk or post them to: Cyber Review – room 4/47, Department for Digital, Culture, Media and Sport, 100 Parliament Street, London. SW1A 2BQ. Responses are open until 23:59 on Friday 20 December 2019.
Please contact the DCMS Cyber Team at cyber-review@culture.gov.uk if you have further questions or would like to get in touch with the team.
