A new report setting out the results of Government research into cyber security says that two thirds of large businesses experienced a cyber breach or attack in the past year - nearly seven out of ten attacks on all firms involved viruses, spyware or malware.
The Cyber Security Breaches Survey found that while one in four large firms experiencing a breach did so at least once a month, only half of all firms have taken any recommended actions to identify and address vulnerabilities. Even fewer, about a third of all firms, had formal written cyber security policies and only 10% had an incident management plan in place.
The Government said it is making a record £1.9 billion investment to protect the UK but Britain’s businesses must also take action in order to better protect themselves from cyber criminals
The research also shows that in some cases the cost of cyber breaches and attacks to business reached millions, but the most common attacks detected involved viruses, spyware or malware that could have been prevented using the Government’s Cyber Essentials scheme.
Launching the results of the survey, Minister for the Digital Economy Ed Vaizey said:
“The UK is a world-leading digital economy and this Government has made cyber security a top priority. Too many firms are losing money, data and consumer confidence with the vast number of cyber attacks. It’s absolutely crucial businesses are secure and can protect data. As a minimum companies should take action by adopting the Cyber Essentials scheme which will help them protect themselves.”
The research was carried out by Ipsos MORI and its partner, the Institute of Criminal Justice Studies (ICJS) at the University of Portsmouth. The research took place between October 2015 and March 2016.
Results from the survey are being released alongside the Government’s Cyber Governance Health Check, which was launched following the TalkTalk cyber attack. It found almost half of the top FTSE 350 businesses regarded cyber attacks as the biggest threat to their business when compared with other key risks - up from 29 per cent in 2014.
The Government’s Cyber Governance Health Check also found that only a third of the UK’s top 350 businesses understand the threat of a cyber attack, while only a fifth of businesses have a clear view of the dangers of sharing information with third parties.
However, it also found that many firms are getting better at managing cyber risks, with almost two thirds now setting out their approach to cyber security in their annual report.
Confidential individual benchmarking reports are also provided for each participating company. This allows companies to compare their governance behaviours with others and helps them to identify and address their different vulnerabilities.
Both surveys form part of the Government’s rigorous approach to tackling cyber crime, which will see £1.9 billion invested over the next five years.
The Government is encouraging all firms to take action: the 10 Steps to Cyber Security provides advice to large businesses, and the Cyber Essentials scheme is available to all UK firms. The Government is also creating a new National Cyber Security Centre offering industry a ‘one-stop-shop’ for cyber security support.
A new national cyber security strategy will also be published later in 2016 setting out the Government’s plans to improve cyber security for Government, businesses and consumers.
Click here to download Cyber Security Breaches Survey 2016 - MAIN REPORT
Click here to download Cyber Security Breaches Survey 2016 – ANNEX
Click here to download Cyber Security Breaches Survey 2016 - RAW DATA (CSV file)
Click here to download Cyber Governance Health Check report 2015
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