Security Survey Finds UK Businesses Experiencing Escalating Cyber Threats

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24th April 2013 15:46 - Information Technology

A survey commissioned by the Government has highlighted the increasing cyber threat to UK businesses – as many as 87% of all SME’s and 93% of companies with more than 250 staff reported experiencing at least one security breach in 2012.

The 2013 Information Security Breaches Survey report stated that the "average cost of respondents’ worst breach of the year has never been higher", with large firms' average worst security breach costing the firm between £450,000 and £850,000, and SME’s on average £35,000-to-£65,000. In some cases individual security breaches cost firms more than £1 million.”

Meanwhile, the research revealed that businesses in the retail sector invest only 3.8% on average of their IT budgets on security, representing the lowest percentage of all the listed sectors in the report. In contrast, Government organisations and telecoms firms take the cyber threat more seriously as their average IT budget spend on security is 12.6%.

The study also found that while just 51% of UK small businesses have formal incident response plans on hand in the event of a cyber security breach, the figure has improved from 40% last year.

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