– Cyber-security badge would encourage higher standards and better inform consumers
Boris Johnson should establish a ‘Mayor’s Standard’ of cyber security for businesses to help combat online fraud in the capital, says Conservative London Assembly member Roger Evans.
Companies that sign up to the Mayor’s Standard hallmark would have their company name published on the GLA website and could use Mayoral branding to promote their security credentials.
Assembly Member Evans says the Mayor should also back calls to make it compulsory for companies to declare when they have suffered a cyberattack.
A minimum standard would better inform consumers about which companies in London are taking cyber security seriously.
The Met estimates that around 88 per cent of businesses fail to report cyber-attacks due to concerns over loss of reputation or a fall in share prices.
More than half of London firms expect to become the victim of cybercrime in the next two years, yet a third say they have no plan to address a cyber incident.
Just last week, Commander Chris Greany of the City of London Police claimed that 80 per cent of fraud and cybercrime is preventable if individuals and businesses follow simple advice.
Guidance on how to meet the Mayor’s Standard could be provided to small and medium-sized businesses through the recently set-up London Digital Security Centre.
Conservative London Assembly Member Roger Evans said:
“Cybercrime costs the UK economy £30-£40 billion every year and puts consumers’ personal data at risk, yet there are no minimum requirements for companies when it comes to security. A Mayor’s Standard would incentivise businesses in London to maintain a high level of cyber-security, and better inform consumers about which companies are taking appropriate steps to protect their data. This strategy must form part of a wider assault on web-based crime. Companies should not be allowed to conceal data breaches and the Mayor should back calls for statutory support in this area. Cybercrime is becoming more common as technology evolves but by encouraging rigorous standards we can maintain consumer confidence in London’s businesses.”