RSM responds to Chancellor's speech on cyber-security

Commenting on the Chancellor’s speech on cyber-security Steven Snaith, RSM’s UK Head of Technology Risk Assurance said:

‘The Chancellor’s speech today further emphasised the risks we all face from cyber-attacks and the importance of good controls.'

'One key area outlined in the speech was the change in the nature of such attacks. Several years ago, successfully hacking systems was only within the remit of highly skilled individuals with in-depth programming and network communication knowledge. Today, as the Chancellor rightly pointed out, there is an online ‘marketplace’ meaning the tools necessary to commit an attack can be obtained easily – in some cases at no cost whatsoever. 

‘Another problem is the legislative context. It is not illegal to own hacking tools. It is not even illegal to develop them. The legislative framework is evolving but it needs to catch up with the current risks that we face. 

‘For now, companies must ensure they are focused on their security controls, have the latest security patches and updates installed, and make sure that staff are fully trained about internal security awareness.

‘Companies need to invest in cyber security and we would support any moves by the Chancellor to provide assistance in the form of enhanced tax allowances on such expenditure to encourage them to do so.’