Cyber security breaches are costing UK businesses billions of pounds, according to an influential report published today. It shows that 93 per cent of large organisations and 76 per cent of small businesses suffered an incident in the last twelve months.
What's worrying is that 67 per cent of respondents expect more breaches this year versus 12 percent who expect fewer.
The Report is the latest of the series of Information Security Breaches Surveys, carried out every couple of years since the early 1990s. Infosecurity Europe carried out the survey, and PwC analysed the results and wrote the report. The Department for Business, Innovation and Skills (BIS) supported the survey.
"This year’s results show that security breaches remain at historically high levels, costing UK plc billions of pounds every year." said Chris Potter, PwC's Information Security Partner.
"A big driver of this is the continuing escalation of cyberattacks. The number of significant hacking attacks on large organisations has doubled over the last two years. We’re also seeing many data protection breaches, data loss events and computer frauds, particularly in organisations that haven’t invested in staff education. Most serious breaches result from failings in a combination of people, process and technology; it’s important to invest in all three aspects." he said.
But the results come as no surprise following the UK government's Cyber Security Strategy published last year and the potential opportunities for more cyber attacks with the Olympic Games in just a few months time. UK security forces will be on high alert to ensure that communications networks and the infrastructure stay safe.
E RADAR's Information Security specialist Dr Daniel Dresner said:
"This update tells such an alarming story. It should encourage everyone to make a difference because indifference is our greatest vulnerability. Today: do one thing to balance the privacy of the information you have access to with its availability to responsible users".
A lecturer on Information Assurance at Manchester University, Dr Dresner advises organisations on how to protect themselves from IT vulnerabilities. He remains concerned that small and medium-sized businesses never try to evaluate the effectiveness of their IT security expenditure.
IASME - Information Assurance for SMEs
E RADAR can help organisations to assess their cyber security risks as well as providing guidance on how to protect themselves through IASME - an information assurance programme designed specifically for SMEs. Please contact E RADAR for further information.