Minister for the Digital Economy Ed Vaizey MP is warning British businesses to improve their protection against cyber crime and hacking.
New figures from the Cyber Security Breaches Survey show that two-thirds of large UK businesses were affected by a cyber breach or attack in the last year – and while one in four large firms experiencing cyber crime do so at least once a month, only half of all firms have taken any recommended actions to identify and address vulnerabilities.
The research also shows that, in some cases, the cost of cyber breaches and attacks to business can run into millions – but the most common attacks detected involve viruses, spyware or malware that could have been prevented using the government’s Cyber Essentials scheme.
The survey also finds that only around one-third of all firms have formal written cyber security policies – and only 10% have an incident management plan in place.
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% in 2014.
The government’s Cyber Governance Health Check also found that only one-third of the UK’s top 350 businesses understood the threat of a cyber attack – and only one-fifth of businesses had a clear view of the dangers of sharing information with third parties.
Many firms were, however, improving their management of cyber risks, with nearly two-thirds setting out their approach to cyber security in their annual report.
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 also to publish a new national cyber security strategy later in 2016, setting out plans to improve cyber security for government, businesses and consumers.
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 government is also creating a new National Cyber Security Centre offering industry a one-stop-shop for cyber security support.
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