Average investment in cyber security in last financial yearWith nearly half of all UK companies suffering from cyber crime in the last year, the government hopes its Cyber Essentials scheme will be able to provide adequate guidance on protect against threats. However, some company owners feel more needs to be done to provide adequate assistance. One particular small business said: “There’s some information that comes through from the FCA, but I think it’s quite limited in terms of cyber security. As a regulated firm the FCA is always my first port of call, [but] you’d expect it to be more tailored to the financial industry.” Theresa May’s administration has committed to investing £1.9bn to protect the UK from cyber crime, in an effort to make it the safest place to live and do business online. Breaches most commonly resulted in a temporary loss of files (at a quarter), while a fifth and software or systems corrupted. One in ten lost access to third party systems relied upon, and the same amount had a website taken down or slowed. Research showed that there has been an improvement in updating software to stay ahead of cyber criminals, driven largely by businesses of the micro and small variety. Stronger passwords, cyber security training and incident management plans were listed by the government as areas where businesses could do much more to protect digital assets.
Ways in which businesses have evaluated cyber security spendingGreg Day, VP and chief security officer for EMEA at Palo Alto Networks on the report, commented: “To prevent successful breaches today and to prepare UK business for significant changes in security regulations in only 12 months’ time, it is vital that we bring leadership teams together. “There are many simple steps that can be taken, including adding more cyber security talent on boards and efforts to get both sides talking a common language on the issues involved. We’re confident organisations will rise to the challenge but it is vital they take a preventative approach and that some advance their strategies more aggressively than the DCMS report suggests.” Martin’s warning was simple: “UK businesses must treat cyber security as a top priority if they want to take advantage of the opportunities offered by the UK’s vibrant digital economy.”
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