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Cyber Security – the growing risk and need to act

Global Opportunities: British businesses are being urged to protect themselves from cyber criminals in a recent government research report. Released by the Department for Culture Media and sport, the report outlines that two thirds of large businesses have experienced a cyber breach or attack in the past year. 

Cyber Security – the growing risk and need to act

To help protect the UK, the government has announced a record £1.9 billion investment but has also urged business to do more and invest in protecting themselves. With the cost of attacks reaching millions in some cases, innovative cyber security solutions are eagerly sought in the UK. 

The UK, like many other countries has been subject to increased and malicious cyber attacks. Undermining consumer confidence and costing businesses dearly, awareness has never been as high and reputational consequences as deep as now.

  BASIC FACTS

  Region: UK
  Industry: ICT
  Time: Next 5 years
  Project volume: At least £1.9bn government
  funding plus industry investments

In light of this, a recent government report, called the Cyber Security Breaches Survey found that while one in four large firms experiencing a breach did so at least once a month, only half of all firms have taken any recommended actions to identify and address vulnerabilities. Even fewer, about a third of all firms, had formal written cyber security policies and only 10% had an incident management plan in place. This must and will change over the next 5 years and the report announces government investment that aims at ensuring this change.

Fundamentally, the report outlined that:

  • Nearly seven out of ten attacks on all firms involved viruses, spyware or malware.
  • Record £1.9bn government investment to protect UK but industry must act to help protect themselves
  • New National Cyber Security Centre will launch in autumn 2016

Minister for the Digital Economy Ed Vaizey said:

“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.”

Results from the survey are being released alongside the Government’s Cyber Governance Health Check, which was launched following the TalkTalk cyber attack. It found almost half of the top FTSE 350 businesses regarded cyber attacks as the biggest threat to their business when compared with other key risks - up from 29 per cent in 2014.

The Government’s Cyber Governance Health Check also found that:

Only a third of the UK’s top 350 businesses understand the threat of a cyber attack; only a fifth of businesses have a clear view of the dangers of sharing information with third parties; and many firms are, however, getting better at managing cyber risks, with almost two thirds now setting out their approach to cyber security in their annual report.

Both surveys form part of the Government’s rigorous approach to tackling cyber crime, which will see £1.9 billion invested over the next five years.

This presents an opportunity for innovative Swiss cyber security solutions to engage and build long term relationships with UK clients. With the increasing awareness and a willingness to invest in securitising business ecosystems, the UK is a fundamental market for cyber security business to internationalise to. 

Source: www.gov.uk

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