The recent Government Cyber Breaches Survey has revealed that two-thirds of large businesses have experienced a cyber-attack in the past year, many of these costing businesses millions of pounds.
69% of businesses say cyber security is a high priority for senior managers yet only 51% of companies have taken recommended actions to identify cyber risk and only 29% have formal written cyber security policies.
In the report, it was shown that the most common attacks were in the form of viruses, spyware and malware. The worst part about this, is that following government recommendations, these could have been prevented.
The cost of these breaches can be huge. The survey revealed that the most costly breach identified was £3M. The average cost of a breach to large businesses is £36,500 yet only 5% of firms have ongoing monitoring of breach costs.
Something this has brought to light is that it would be beneficial to increase the awareness of the Governments Cyber Essentials scheme, particularly to small businesses as they are more likely to struggle with recovering in the event of an attack with less money, knowledge and expertise to get the business secure again.
Only 22% of small firms gave their staff cyber security training, compared to 38% for medium businesses and 62% for large businesses.
The survey found that one in four large firms experiencing a breach, did so at least once a month. Only half of all firms have since taken any recommended actions to identify and address vulnerabilities.
Also, only one third of firms had formal written cyber security policies and only 10% had an incident management plan in place.
This Government research highlights just how at risk, all businesses big and small are to cyber-attacks.
It’s critical that businesses lower their vulnerability as much as possible, ensuring they have appropriate security measures and policies in place to firstly prevent an attack and secondly have an awareness of how to deal with a security breach in a way which is least going to negatively affect the business and any data.
Find the full report here: Government Cyber Breaches Survey 2016
For more advice on protecting your business from cyber threats, visit our security page.