Companies which 'court chaos' over cyber attacks could lose government contracts

Companies that are “courting chaos” by failing to protect themselves against cyber attacks may lose out on Government contracts, a minister warned today.

Culture Minister Matt Hancock announced stricter rules for Government suppliers at a London conference on the threat posed by cyber criminals and terrorists.

“If you’re not concentrating on cyber, you are courting chaos,” the minister said. Whitehall will strengthen a requirement for suppliers to have completed a Cyber Essentials scheme, he said, and encouraged to ensure their own supply chains comply with the gold standard.

A report by the Institute of Directors found that many firms are aware of the threat - but do not know how to safeguard themselves or report security breaches.

Four in 10 did not know which law-enforcement agency to inform if they were victims of on-line fraud. Only 28 per cent actually informed the police.

IoD director-general Stephen Martin said: “Business leaders are still putting cyber security on the back burner. The results, even for small and medium-sized businesses, could be catastrophic.”