- FCA outlines the measures it will take to protect consumers and sets out when and how the organisation takes action
- OnDot/YouGov survey indicates that UK adults are ready for real-time interaction with their banks
- FSB publishes report to G20 Finance Ministers and Central Bank Governors on its work with standard-setting bodies on Crypto-assets
- Cryptocurrencies now “undeniably part of mainstream finance” says deVere Group CEO Green
- Goldman Sachs announces Blankfein retirement-Solomon to succeed as Chairman and CEO
- BlackFin largest independent FinTech fund in Europe after completing a E180m final closing
- Fenergo Client Lifecycle Management solutions selected for The FinTech50 2018. expired
- UK FinTech PayBreak secures additional £15m of funding with specialist banking group Paragon expired
- Danske Bank announces first half result and updates on Estonia investigation expired
- Moneysupermarket on track for first six months-introduces new mortgage FinTech Podium expired
- Arbuthnot reports strong first half expired
- Goldman Sachs post strongest first half return in nine years 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.”