CEE countries particularly at risk from cyber attack, finds survey from CMS

28/ 11/ 2018

Despite the fact that well over one hundred separate cyber incidents were recorded last year affecting 18 CEE countries, less than a quarter of these resulted in government or regulatory action, a recent report by international law firm CMS has revealed. “The Cybersecurity Challenge in Central and Eastern Europe” published by CMS together with Legal Week Intelligence, examines how businesses in the region are responding to cyber threats, what levels of risk awareness and planning they have, and where ultimate responsibility lies within the leadership structure. By a margin of more than two to one (67% v 33%) respondents believe that cybersecurity procedures and protocols used by regulators need improvement across the region. This is the majority view in every CEE country. “After corruption and drugs, cyber crime is the third biggest organised criminal industry worldwide,” says Dora Petranyi, CEE Managing Director at CMS. “It is a very real issue and, as many businesses know too well, cyber attacks cost. Although businesses cannot completely protect themselves against the threat of a cyber attack, they can make themselves more resilient. Culture and education are key to achieving this as is a well-executed and regularly updated cyber strategy.” Although the large majority of respondents expressed concern about the threat of a cyber attack, the survey reveals a clear lack of preparedness among CEE businesses. Only 60% of respondents have mandatory cyber training in place for employees, while less than half are confident in their ability to detect or withstand an attack. It may seem surprising, then, that only a shade over a third of respondents have cyber security insurance. “Cybersecurity has now become a CEO and GC level issue,” says Andrea Simandi, European data protection attorney at Microsoft. “It is so important that the leadership and boardrooms of CEE companies realise that cyber threats are for real and require effective measurement to protect against. In general terms the CEE countries are, unfortunately, still far behind Western Europe.” The full report can be accessed here: https://cms.law/en/HUN/Publication/The-cybersecurity-challenge-in-Central-and-Eastern-Europe - END - For more information and/or interviews, please contact: Contact: Darina Gordienko CMS Cameron McKenna Nabarro Olswang E: [email protected] / +38044 3913377 Notes to editors: About CMS Founded in 1999, CMS is a full-service top 10 international law firm, based on the number of lawyers (Am Law 2016 Global 100). With more than 70 offices in over 40 countries across the world and employing more than 4,500 lawyers, CMS has longstanding expertise both in advising in its local jurisdictions and across borders. From major multinationals and mid-caps to enterprising start-ups, CMS provides the technical rigour, strategic excellence and long-term partnership to keep each client ahead whatever its chosen markets. Revenues totalled EUR 1,3bn in 2017. CMS provides a wide range of expertise across 19 expert practice and sector areas, including Corporate/M&A, Energy, Funds, Lifesciences, TMC, Tax, Banking and Finance, Commercial, Competition & EU, Dispute Resolution, Employment & Pensions, Intellectual Property and Real Estate & Construction. For more information, please visit cms.law

By a margin of more than two to one (67% v 33%) respondents believe that cybersecurity procedures and protocols used by regulators need improvement across the region. This is the majority view in every CEE country.

“After corruption and drugs, cyber crime is the third biggest organised criminal industry worldwide,” says Dora Petranyi, CEE Managing Director at CMS. “It is a very real issue and, as many businesses know too well, cyber attacks cost. Although businesses cannot completely protect themselves against the threat of a cyber attack, they can make themselves more resilient. Culture and education are key to achieving this as is a well-executed and regularly updated cyber strategy.”

Although the large majority of respondents expressed concern about the threat of a cyber attack, the survey reveals a clear lack of preparedness among CEE businesses. Only 60% of respondents have mandatory cyber training in place for employees, while less than half are confident in their ability to detect or withstand an attack. It may seem surprising, then, that only a shade over a third of respondents have cyber security insurance.

“Cybersecurity has now become a CEO and GC level issue,” says Andrea Simandi, European data protection attorney at Microsoft. “It is so important that the leadership and boardrooms of CEE companies realise that cyber threats are for real and require effective measurement to protect against. In general terms the CEE countries are, unfortunately, still far behind Western Europe.”

The full report can be accessed here: https://cms.law/en/HUN/Publication/The-cybersecurity-challenge-in-Central-and-Eastern-Europe

– END –

For more information and/or interviews, please contact:

Contact:

Darina Gordienko

CMS Cameron McKenna Nabarro Olswang

E: [email protected] / +38044 3913377

Notes to editors:

About CMS

Founded in 1999, CMS is a full-service top 10 international law firm, based on the number of lawyers (Am Law 2016 Global 100). With more than 70 offices in over 40 countries across the world and employing more than 4,500 lawyers, CMS has longstanding expertise both in advising in its local jurisdictions and across borders. From major multinationals and mid-caps to enterprising start-ups, CMS provides the technical rigour, strategic excellence and long-term partnership to keep each client ahead whatever its chosen markets. Revenues totalled EUR 1,3bn in 2017.

CMS provides a wide range of expertise across 19 expert practice and sector areas, including Corporate/M&A, Energy, Funds, Lifesciences, TMC, Tax, Banking and Finance, Commercial, Competition & EU, Dispute Resolution, Employment & Pensions, Intellectual Property and Real Estate & Construction.

For more information, please visit cms.law