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Tuesday 16 January 2018

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FS firms ‘most concerned with data breaches’

Written by Anthony Strzalek
31/07/2017

Financial institutions are the most worried of any sector when it comes to data breaches, new research has found.

Research from SavoyStewart.co.uk, which surveyed more than 1,500 firms, found that 60 per cent of directors/senior management in finance and insurance consider cyber security a very high priority – the highest amongst the analysed sectors.

The second most concerned sector was education, health and social care (49p per cent) and the least worried was hospitality and food at just 15 per cent.

Separate research by Beaming revealed that 2.9 million UK firms suffered cyber security breaches last year, costing firms £29.1 billion.

With 83 per cent of UK businesses online, the consequences of a cyber-attack/breach can be huge. According to security professionals consulted by networking hardware company Cisco, operations of an organisation (36 per cent) are most likely to be affected by any potential cyber-attack/breach. After operations finances (30 per cent), brand reputation (26 per cent), customer retention (26 per cent) and intellectual property (24 per cent) are the most affected.

Darren Best, managing director of SavoyStewart.co.uk commented: “The calamity caused by recent cyber-attacks/breaches emphasises the need to take cyber security very seriously. With threats, likely to intensify as cyber criminals become more ruthless, businesses cannot rest on their laurels. Business leaders cannot afford to be just concerned or treat it as another risk management exercise.”



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