- The report finds that nearly two out of five (38%) companies have no cyber security budgets, or no plans to rise
- Small businesses are less likely to have cyber security budgets
- Reputation injuries can be as bad as financial losses
Despite the fact that cyberattacks are getting closer to home, new research has claimed that many companies still fail to allocate enough time, money and resources for protection.
A report from ESET, found as many as 15% of British companies, doesn’t even have a cyber security budget, with one more in four (23%) confirming that they have no plans to increase cyber security investments despite growing threats.
All this despite the fact that British companies have lost a staggering £ 64 billion to cyberattacks in the last three years, with recent attacks on M&S and Co-Op, which highlights the seriousness of threats.
Businesses do not adapt to new cyber threats
Nearly half (45%) of the companies surveyed said they manage cybersecurity internally without any third -party expertise, and only 8%have an independent cyber insurance policy with about a third (35%) banking on cyber threats covered by wider insurance policies, and more than half have not even have such cover.
Smaller companies are least likely to have a dedicated cyber security budget (58%), while almost all large companies have one (96%), suggesting that this area is still considered a luxury for those with extra cash and not a necessity.
In addition to huge financial losses, just as the 25 million pounds a week, M&S reportedly lost after its recent attack, ESET Global CyberSecurity advisor Jake Moore explained that it can take months, even years, for companies to recover after reputation damage.
“While some major brands have the recognition of weathering the storm, many cannot, and for them the damage can be far more difficult to regret,” Moore said.
Looking ahead, Moore encourages widespread cooperation between industries, cyber security providers and governments for countries such as the United Kingdom to strengthen digital defense.
