- FCA fines UBS £27.6m for transaction reporting failures
- S&P report says increasing disclosure could shine more light on bank resolvability
- Equfund relaunches Reap to address housing shortage
- Lloyds CEO gives up final salary pension after growing pressure
- Millennials are using "chat" to discuss investments with wealth managers, says GlobalData
- NatWest launches ‘Back Her Business’ female-only crowdfunding
- Barclays to sponsor the FA Women's Super League expired
- Cambridge & Counties joins National Association of Commercial Finance Brokers expired
- Lloyds commits over £9m to support SME apprenticeships in the UK expired
- Buy-to-let market beats gold, cash and fine art for investment returns, finds VeriSmart expired
- UK's wealthy frustrated by struggles with high-street banks, says BML expired
- Brexit has inflicted serious damage on UK financial services, says deVere expired
10th July 2018
Revealed: The sectors investing the most and least on cyber security in 2017-18
Over the last few years, the frequency and severity of cyber-attacks/breaches has exponentially risen. So much so, figures by the Business Continuity Institute (BCI) shows that 53% of UK firms now consider a cyber-attack as the main threat facing them in the near future.
With Price Waterhouse Coopers(PwC) finding £857,000 to be the average annual cost incurred by UK firms who have fallen victim to cyber-attacks/breaches, any incidents can therefore have adverse and disruptive implications.
According to security professionals recently consulted by networking hardware company Cisco, operations(38%) of a firm is likely to be affected the greatest by any potential cyber-attack/breach. After operations–finances(29%), intellectual property(27%), brand reputation(27%) and customer retention(25%) are most at risk.
Knowing that no firm with serious ambition to perform successfully and achieve favourable results wants to be in a position of having critical functions compromised, SavoyStewart.co.uk analysed findings from Gov.uk to see how much money 811 UK firms from a range of sectors invested in cyber security during the financial year of April 2017– March 2018.
SavoyStewart.co.uk found that firms in finance and insurance invested the most money on cyber security at a significant average of £17,900. This marked a phenomenal 85% increase from the previous financial year(April 2017 – March 2017), when finance and insurance firms were spending an average of £9,650.
Darren Best, Managing Director of SavoyStewart.co.uk comments “As the scale and sophistication of cyber-attacks/breaches intensifies, firms cannot afford to sit back and take the importance of cyber security lightly. As firms now remain reliant on an online ecosystem to conduct business, they must realise their websites and digital communications can be easily targeted and exposed to cyber-attacks and breaches. So key decision makers need to put an urgent spotlight on cyber security by placing it high on their agenda. This includes investing a sufficient amount of money to ensure their IT estate has the capabilities to consistently get basic defences right and establishing adequate governance on cyber security for employees to thoroughly follow.”