Following news that companies operating in Europe across a wide range of industries may be required to report cyber security breaches under new European Commission proposals, George Thompson, director in KPMG Risk Consulting, commented:
“The EU’s proposals are recognition that cyber security threats are a real and growing concern for governments and public and private companies. Once thought to be the dominant problem for individuals who lacked the backing of strong corporate defences, the truth is that cyber attackers are more interested in accessing intellectual property stored by businesses and government departments.
“According to our Data Loss Barometer, hacking of information held by businesses has jumped globally from only 8% of total incidents in 2010 to a shocking 52% in 2012. Effectively this means that cyber attacks are no longer a sport played by technically talented people behind a bedroom door. It’s now big business, driven by a desire to steal or re-sell sensitive material.
“At a national level, the UK Government has already made huge strides with its cyber strategy, putting partnerships with industry at the cornerstone of its approach. Rather than falling victim to cyber attacks being seen as a sign of weakness, there is now widespread recognition that sharing experiences is the best way to build collective knowledge against future attempts to breach defences. In a world where business is without borders, it has never been more important for EU countries to establish a cyber strategy that promotes mutual protection, so any move to co-ordinate defences should be welcomed.”
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Mike Petrook, KPMG Press Office
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About KPMG
KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and operates from 22 offices across the UK with over 12,000 partners and staff. The UK firm recorded a turnover of £1.8 billion in the year ended September 2012. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. We operate in 156 countries and have 152,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. KPMG International provides no client services.
