There is an increasing need for many companies to take information security more seriously than ever before. Many firms are solely online ventures, meaning it is essential to safeguard all their data; however, with 81% of businesses with 250 employees or more saying they had noted at least one security breach in the past 12 months, there is reasons to be concerned.
Data revealed by the Department for Business, Innovation and Skills shows that a large proportion of companies with online operations are at risk of being hacked. For those with less than 50 staff members, 60% said that at least one breach had occurred in the yearly period. With the number of breaches so high, firms are having to spend an increasing amount of time warding off threats and ensuring that their servers are not compromised. The report also established that costs associated with safeguarding against threats has soared for the third consecutive year, with some larger firms spending over £1m in an effort to protect themselves. When the worst-case breaches occurred, small firms lost between £65,000 and £115,000 trying to put things right.
There is some positive news, however, despite the high percentages. Both figures are reduced from those noted in 2013, when 86% of large firms had noted a cyber threat and 64% of smaller companies; however, the costs seen as a direct result of security problems have risen. PricewaterhouseCoopers Scotland-based cybersecurity specialist Rob MacGregor said: “Despite the number of breaches impacting UK business falling slightly in the last year, the number remains high and in many organisations there needs to be more done to drive actual management of security risks. This year the average cost of an organisation’s worst breach has increased. They must ensure that the way they are spending their money in the control of cyber threats is effective. As high-end breaches become more damaging and sophisticated, boards need to be reviewing threats and vulnerabilities on a regular basis.”
The research also showed that threats did not always come from outside a company and were sometimes employee based, whether through malice, error or ignorance. 58% of threats in large companies were caused in this way, and 22% of small firm breaches. This means that companies must place more focus on their own working practices and ensure information security from within.
Written by Montash.
We are hosting a Cyber Security Breakfast Briefing with Mandiant, a FireEye Company on Thursday 15th May 2014, 8am – 10am at Grand Connaught Rooms, Holborn, London. Entries are priced at £20, with all proceeds going to Groundwork Charity.
We would like to take this opportunity to invite you to attend this event.
The briefing will be an open discussion forum for top cyber security experts to discuss the latest threats that companies face and how best to combat them. The forum will highlight the potential cyber threats that target businesses on a large scale and will examine the crossover of security risks in both the real world and cyber world.
Montash is a multi-award winning, global IT recruitment firm. Specialising in permanent and contract positions across mid-senior appointments which cover a wide range of industry sectors and IT functions, including:
ERP, BI & Data, Information Security, IT Architecture & Strategy, Scientific Technologies, Demand IT and Business Engagement, Digital and E-commerce, Infrastructure and Service Delivery, Project and Programme Delivery.
With offices based in London, Montash has completed assignments in over 30 countries and has appointed technical professionals from board level to senior and mid-management in permanent and contract roles.
For more information please visit www.montash.com