Research Shows UK Businesses Not Taking CyberSecurity Seriously

Cyber Security - HackerA research study was recently conducted regarding the vulnerability of UK businesses to cyber-attacks. It was surprisingly noticed in the study that over the course of the last 12 months, over two-thirds of companies in Britain fell victim to cyber-attacks, with about 1/4th of them facing such attacks minimum of once every month.

Ipsos Mori carried out the “Cyber Security Breaches Survey” for the UK government and released a report alongside another report, which was the Cyber Governance Health Check by KPMG. This report was commissioned by the UK government after last year’s TalkTalk cyber-attack.

Financial Times

Even though cyber-attacks continue to become a common occurrence, businesses in the UK haven’t yet started to take this issue seriously and are simply not prepared enough to handle the circumstances. About half of these businesses take no measures to identify their vulnerabilities or weaknesses. An average of just 30% has written cybersecurity guidelines or policies while only 10% possess measures to deal with such issues.

The Digital Economy Minister of “Ed Vaizey” said in a statement:

The UK is a world-leading digital economy and this Government has made cyber security a top priority. Too many firms are losing money, data and consumer confidence with the vast number of cyber attacks. It’s absolutely crucial businesses are secure and can protect data. As a minimum, companies should take action by adopting the Cyber Essentials scheme which will help them protect themselves.

It was seen in the outcome of the study that 70% of the cyber attacks on businesses in the UK contained malware, viruses or spyware which could have easily been avoided. Moreover, it also highlighted the fact that only one-fifth of firms in the UK understand the adverse effects of sharing information of any kind with third parties.

As per the reports of the Cyber Governance Health Check, about 50% of the FTSE’s 350 businesses believe cybersecurity may be the most significant issue they face. However, companies fail to prioritise this subject. It was seen in the report that the issue of cyber attacks and cyber security barely ever reached the boardroom and whenever it did, 54% of the board said they heard of it either bi-annually or whenever things went wrong.

David Ferbrache, the technical director of KMPG’s cybersecurity practice, believes that even though the subject of cybersecurity does reach the boardroom for discussion, the board takes security measures without proper information, which makes it ineffective.

The government of UK claims that it shall soon be coming up with an all-inclusive tactic to counter the threat of cyber attacks and has promised investments reaching up to £1.9 billion in the upcoming five years to fight cybersecurity. Later this year, the government will also be opening a National Cyber Security Centre which will be dedicated to fighting the cybersecurity issue.

Rich Archer

Rich Archer

Hi, my name is Rich Archer. I am living in London. Welcome to Binary Manual. Reach to Binary Options broker reviews and market news here.


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