Over 50% of businesses increased their cyber security budget amid attacks

According to a recent report, 53% of businesses say their cyber security budget has increased over the last year due to an increase in cyber-attacks

In an age of technology, cyber-attacks are becoming more prevalent, more frequent and more threatening than ever before.

As a result, Turnerlittle.com sought to find out how cyber security threats have increased in recent years, and what companies are, and should, be doing to prevent cyber-attacks.

In a recent Ernst & Young (EY) report, Turner Little found that more than half of respondents (53%) say their cyber security budget has increased over the last year.

Cyber security is a number 1 priority for businesses

In 2018, many companies understand that cyber security is a major risk, perhaps even the number one priority; particularly for technology-heavy companies, but unfortunately, no business can completely protect itself from a cyber-attack. However, they can implement plans and strategies to help prevent breaches from occurring.

For many companies, customer data is paramount, with a staggering 65% of businesses citing customer personal and identifiable information as the most valuable asset to protect, while 36% cited customer passwords.

These were followed by:

• Company financial information- 19.5%
• Corporate strategic plans- 18.4%
• Senior executive/board member personal information- 15.1%
• Information exchanged during M&A activities- 11.5%
• Patented intellectual property (IP)- 10.1%
• R&D information- 9.6%
• Non-patented IP- 8.3%
• Supplier/vendor identifiable information- 4.2%

Turner Little found there is a shortage of individuals with the skills and know-how to deal with cyber security threats in business.

Companies must increase cyber security awareness training, whilst instilling an understanding of how cyber risks can impact different roles and individual projects, as well as harming overall businesses.

Analysing a 2017 report by Gov.uk, Turner Little found that, over the last 12 months, some businesses are trying to offer cyber security training.

The following companies pursuing cyber security training:

• Small firms- 25%
• Medium firms- 43%
• Large firms- 63%
• Within finance/insurance- 49%
• Within info/communications/utilities- 41%

Costs of a cyber breach

The mean spend on cyber security of all businesses in the UK is £4,590, and for large businesses, the mean spend reaches a staggering £387,000.

However, it is worth it in the long run, as Turner Little found that the average cost of breaches to all businesses in the UK reached £1,570 in the last 12 months – and £19,600 for large firms.

James Turner, Managing Director of Turner Little commented: “Cyber security is something every business must be Investing in. In this day and age, with the increases in technology and software, businesses are constantly under attack from hackers – both big and small. It is vital companies assess their cyber security plans continuously to ensure all data is secure.

“Despite the cost, it is important to ensure that all employees understand how dangerous cyber breaches can be, and what their costs are – particularly in larger firms where the aftermath can be highly detrimental to the company’s reputation and client retention.”