Industry News

A third of businesses in the UK believe they will be hacked in 2016, survey shows

More than a third of C-level managers in the UK believe their companies will be hacked in the next 12 months, according to a recent survey, cited by Business Matters.

Economists at the Centre for Economic and Business Research modelled how a real cyberattack would affect a cross-section of the British economy, including the telecoms, utilities, retail, banking and insurance sectors, The Telegraph noted. They found telecom companies were the most vulnerable due to the nature of sensitive information stored, the value of the data and low levels of investment in cyber security. More than half of telecoms managers who took part in the survey believed their company would experience a “significant breach” within a year.

“Britain’s boardrooms are struggling to get a handle on cyber security issues,” said Andrew Rogoyski, head of cyber security at the CGI. He warned of more breaches unless investment increased.

British companies typically hold £52.5m worth of sensitive information, including customers’ financial details and commercially sensitive intellectual property. Banks hold the most valuable details, roughly £65m per financial institution, according to the CEBR.

Economists at the CEBR estimate the total cost of a serious data breach to a business over one year is £1.2m on average.

The damage to brand and reputation from an attack were deemed to have the biggest impact, according to the more than 150 top managers surveyed.

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Former business journalist, Razvan is passionate about supporting SMEs into building communities and exchanging knowledge on entrepreneurship. He enjoys having innovative approaches on hot topics and thinks that the massive amount of information that attacks us on a daily basis via TV and internet makes us less informed than we even think. The lack of relevance is the main issue in nowadays environment so he plans to emphasize real news on