- Voluntary industry commitment on service information for customers launched
- Partnership invests $20m into KuCoin to bring cryptocurrency to the masses
- New loan marketplace launches with actual APR comparison pledge
- Banks share assessment on emerging opportunities for digital transformation in cross-border payments
- BNY Mellon appointed depositary bank by NLB in Slovenia
- NatWest research reveals 62% of Brits use apps to save time and money
- There will always be an arms race in the payments space, says Entersekt expired
- RBS offers freeze for cards to reduce unnecessary cancellations expired
- TSB announces Debbie Crosbie as new CEO expired
- Basel Committee publishes more details on global systemically important banks expired
- One in three working Scots face savings shortfall, finds BoS expired
- Santander backs German credit scoring and personal finance app Bonify 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.”