Central and Eastern Europe Countries(CEE) are said to be vulnerable to cyber attacks says a report compiled by an international law firm CMS. The report also stresses the fact that the political parties ruling in the countries are to be blamed for the failure as they still do not have regulatory actions in place.
The Cybersecurity Challenge in Central and Eastern Europe published by CMS in association with Legal Week Intelligence discloses the truth on how business firms operating in the region are responding to cyber threats, what levels of risk and awareness and planning they have and where ultimate responsibility lies within the leadership structure.
CMS study discloses that most of the companies from Europe are concerned about cyber threats. But they clearly lack preparedness to mitigate the risks.
Respondents from majority CEE countries believe that cybersecurity procedures and protocols need to be amended across the region in order to tackle the situation.
“After corruption and drugs, cybercrime happens to be the 3rd largest organized criminal industry worldwide”, said Dora Petranyi, Managing Director CEE, CMS. She agreed that the firms operating in the region are not in a position to complete guard themselves against cyber threats. But she stresses on the fact that they should make themselves more resilient in order to stay in competition and business.
Andrea Simandi, the attorney for European Data Protection, Microsoft said that cybersecurity has become a CEO and GC level issue. She also stressed on the fact that its high time that the leadership and boardrooms of CEE companies realize that cyber threats are factual and require impelling measurements to up their defenses. However, when it comes to practicality, it is unfortunate to know that most of the CEE countries are still far behind Western Europe.
So, how to correct the situation?
Regularly updated cyber strategies and education will be key in defending the firms from cyber attacks, says Holger Schulz, Founder of Cybersecurity Insiders.
Otherwise, the condition will deteriorate further giving rise to many such hostile risks said, Schulz.
Note- CMS aka Cameron McKenna Nabarro Olswang LLP, is a multinational law firm headquartered in London, England. The law firm is known to operate with 74 offices spread across the Middle East, South America, Asia and whole across Europe. Founded in 1997, the law firm has a lawyers count of 3500 specialized in arbitration, banking frauds, corporate structural dispute resolutions, employment & pensions, real estate, and construction and tax and related notions.