‘Free market failing cyber security industry,’ warns GCHQ chief

Source: National Cyber Security – Produced By Gregory Evans

‘Free market failing cyber security industry,’ warns GCHQ chief

Britain’s electronic spy chief has called on the government to intervene in the cyber security industry after admitting the free market is failing to meet the needs of businesses at risk of attack. GCHQ Director Robert Hannigan told an audience on Tuesday at IA15, the government’s information assurance event, that the global cyber security market is “not quite right” and that standards need to be improved. Speaking at the same event, GCHQ’s Director-General for Cyber Security Ciaran Martin warned major cyber-attacks on energy supplies, nuclear power stations, and the defense industry are expected in the near future. His warning comes two weeks after British telecoms firm TalkTalk was targeted by hackers, who exposed thousands of customers’ personal details. In the words of government officials, this served as a “wake up call” for organizations with weak security. Speaking at the government’s annual information security event, Hannigan said the free market is failing to meet the security needs of nation states. “It is time to take a hard look at whether the international market for cyber security is working sufficiently well … something is not quite right here. What is also clear is that we cannot as a country allow this situation […]

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