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

  • November 22, 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

About CMS

CMS provides clients with specialist, business-focused advice in law and tax matters. With our 4,500 legal professionals across the world, working in sector-based teams and expert in project management, our focus is on our clients and fulfilling their objectives.

CMS is a full-service top 10 global law firm, based on the number of lawyers (Am Law 2017 Global 100). With 70+ offices in 40+ countries across the world, revenues totalled €1.3bn in 2017. CMS acts for the majority of the DAX 30, a large number of the FT European 500 and a number of Fortune 500 companies.

CMS provides a wide range of expertise across 19 expert practice and sector areas including Banking and Finance, Commercial, Competition, Corporate, Dispute Resolution, Employment, Energy, Funds, Intellectual Property, Life Sciences/ Pharmaceuticals, Real Estate & Construction, Tax and TMT.

For more information, please visit cms.law

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Anett Kálvin-Tóth
Business Development Assistant

E: anett.kalvin-toth@cms-cmno.com