Market Research Finds Most UK Businesses Braced for Rise in Cyber Attacks

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17th May 2012 16:27 - Business Support

A survey by information intelligence solution provider BAE Systems Detica has found that as many as 85% of UK businesses believe cyber attacks will increase over the next few years.

Dubbed ‘Business and the Cyber Threat: Curiously Confident?’, the study questioned 100 strategic and IT decision makers in UK companies with a turnover of over £350m.

When respondents were asked what would make their board take the threat of cyber attacks more seriously, 61% claimed this would happen if there was such an attack targeted either their company or a competitor.

In addition, a third of the UK firms predicted the likely financial impact of a targeted cyber attack would be more than £50m.

Despite this, only 22% the surveyants said they were 'very confident' in their ability to deal with cyber attacks this year, compared with 34% in 2010's Cyber Security Survey.

In an attempt to address this, many enterprises are seeking to engage with the government to better understand cyber security - a quarter of UK businesses polled are already active in doing so, while a further 49% have said they would be interested.

Henry Harrison, Technical Director at BAE Systems Detica, commented: "2011 has clearly led businesses to re-evaluate the level of cyber threat and impact, but it seems they are slower to recognise their true level of vulnerability. However, raised awareness about cyber risk has increased the private sector's desire for collaboration with the government to formulate new responses to this rapidly growing challenge.”

Harrison concluded that it is encouraging to see companies more keen on engaging with the government to tackle cyber security issues, but urged businesses to tighten their defences before an attack rather than in reaction to one.

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