European Companies On Alert For IT Concerns

When it comes to IT and cyber security, European businesses need to be at the top of their game.

Research by UK-based IT news site Computer Weekly suggests that IT-related security issues are the top security threat to businesses, with 73% of business leaders citing worries about a cyber-attack or data breach as a major concern.

From worries about hacking or malicious apps to cybercrime, data breaches and malware, it's clear that for businesses in Europe, staying on top of IT security is a must.

What are the effects of security issues on business, and what is Europe doing to boost attempts to fight security breaches?

Effects OF IT Security Issues on Business 

IT security issues have the potential to cost businesses in more ways than one.

A security breach can lead to a loss in revenue, whether through affecting the functionality of a website, or simply due to the time and resources that need to be funneled into fixing the problem, taking colleagues away from the important work of running the business.

Security breaches can also damage customer relationships. If service is unavailable or delayed, or if their personal data and security is compromised, customer relations can be damaged beyond repair.

That's why the onus is on European businesses to keep themselves and their customers safe and secure.

More Connectivity Means More Vigilance

As pointed out in the article "New Security Challenges Accompanying the Internet of Things", our increasingly connected world brings fresh security challenges for businesses.

As more and more devices and objects such as phones, TVs and home security systems connect to the internet, so businesses need to find more ways to keep their products and services secure.

Along with taking care of their own products and services, businesses need to be aware that they are not operating in a vacuum, keeping in mind that their own IT systems are part of an ever more complex web of interconnected things.

Europe Taking IT Security Seriously

IT security is a serious concern for European businesses right now, and as such is attracting discussion, and even funding, to help businesses keep abreast of what they need to know in order to keep themselves and their customers secure.

Members of European Parliament recently approved a draft version of the European Network and Information Security (NIS) Directive.

The directive will require affected organizations (such as those in the energy, transport, financial services and health sectors) to guarantee an appropriate level of security, and keep the authorities informed of any serious security breaches.

UK Businesses Tackle Security Issues

The UK has been playing its part in tackling security issues, with funding, and raising awareness of the issues that businesses need to be aware of.

The financial sector in particular looks set to invest heavily in IT security, with research by PricewaterhouseCoopers showing that 38% of financial sector companies plan to up their spending on cyber security, to stave off any threats.

UK-based newspaper The Guardian recently convened a round table of business leaders to discuss cyber security, including representatives from Interbrand, PricewaterhouseCoopers, the Institute of Risk Management and Symantec.

The event flagged up many issues surrounding cyber security, but some of the main themes were the importance of planning for threats, and helping businesses to understand that IT security is an issue affecting all sectors and sizes of business. The more businesses that join the conversation about security, the more awareness can be raised.

As the world becomes more connected and more business is done online, security is more important than ever.

Businesses in Europe are taking threats seriously and starting to plan for potential problems, which bodes well for both their future security and that of their customers.