Many European businesses can't handle cyber attacks

A quarter of European companies are completely unprepared for the event of a cyberattack and would be extremely exposed if it happened, a new report by global law firm DLA Piper claims.

The paper also says that almost half of all companies (44 percent) view cyberattacks as a significant risk to their business, which means that a significant portion is aware of the problem yet does nothing. Among companies in Western Europe the number rises to almost a third (31 percent). The Benelux region is by far the worst, with 75 percent of companies being exposed.

Almost three quarters (73 percent) feel "fairly secure" about cyber risks, as they implement various security features. The research authors, however, believe these measures, might not be enough.

Kit Burden, global co-head of the Technology sector at DLA Piper, comments:

These statistics make for sober reading, cyber-crime is highly lucrative for the criminal fraternity, with a lower risk of capture or punishment than other crimes. It is imperative that organizations, regardless of size, give it the attention it deserves and put in place all necessary protocols, which they need to monitor and evolve as risks develop.

This is perhaps all the more prevalent as industry continues to navigate the potential impact of Brexit should negotiations touch upon important areas to cyber security such as: the General Data Protection Regulation; information sharing by intelligence agencies across the region; movement of talent across Europe and research funding that supports the development; and deployment of cyber security-related technologies across the continent.

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