Hammond also stated that the Cyber Security Threat has been classified by the Government as “tier 1” risk, the same level of threat as terrorism and global instability.

For UK businesses and the IT Industry in particular, Hammond also had a very clear message: Chief executives and Boards must recognise that they have a responsibility to manage cyber risks, just as they would any other operational risk. Similarly, technology companies – many of whom are represented here today – must take responsibility for incorporating the best possible security measures into the design of their products.

At Softwerx we couldn’t agree more. Our opening question to any organisation that we deal with is “Do you have the issue of Cyber Security formally recognised as a Risk Register item at Board Level? Unless the Board is aware and engaged in actively negating the risk of a cyber-attack against their organisation then it is unlikely to get the focus (and budget) required to mitigate the risk. To read Philip Hammonds full speech please click here or read the National Cyber Security Strategy 2012 – 2016

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