Financial firms have invested more in cyber security in 2018-2019 than any other industry, with an average layout of £22,050 according to a new report.

An analysis of UK government data on cyber security solutions by Specops Software found that finance and insurance providers invested an average of 23 per cent more than 2017-2018, when these firms spent £17,900 on average.

The report also cited findings from insurer Hiscox, which found that more than half (55 per cent) of UK firms have already faced a cyber attack and losses from breaches of £176,000 on average.

Darren James, head of internal IT at Specops Software, said: “As cyber attacks and breaches become more frequent and complex, cyber security has to be a high priority for firms – otherwise they face the huge risk of leaving their website and digital communication platforms exposed.

“Key decision-makers need to carefully understand and manage their online eco-system to ensure it consistently has the adequate defences in place to protect against varying cyber threats,” he continued, adding: “In addition to this, education as well as governance on cyber security for employees can play an essential role in protecting critical functions from being targeted or compromised.”

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