- The report finds that almost two out of five (38%) companies do not have cybersecurity budgets, or not plans to increase
- It is less likely that small businesses have cybersecurity budgets
- Reputation damage can be as bad as financial losses
Although cyber attacks are approaching home, new research has affirmed that many companies are not yet to assign enough time, money and resources for protection.
An ESET report found that up to 15% of the United Kingdom companies do not even have a cybersecurity budget, and another in four (23%) confirms that they have no plans to increase cybersecurity investments despite the growing threats.
All this despite the fact that the companies of the United Kingdom have lost the amazing amount of £ 64 billion for cyber attacks in the last three years, with recent attacks on M&S and Co-Op that highlight the severity of threats.
Companies do not adapt to emerging cyber threats
Almost half (45%) of the companies surveyed said they manage cybersecurity internally, without any third -party experience, and only 8%have an independent cyber insurance policy with about a third (35%) that bank on cyber threats that are covered by broader insurance policies, and more than half that does not even have any coverage.
Smaller companies are less likely to have a dedicated cybersecurity budget (58%), while almost all large companies have one (96%), which suggests that this area is still considered a luxury for those with spare cash and not a need.
In addition to great financial losses, such as £ 25 million per week, M&S, according to reports, after his recent attack, the Cybersecurity advisor of ESET Global Jake Moore explained that it can take months, even years, that companies recover from damage to reputation.
“While some important brands have the recognition of resisting the storm, many no, and for them, the damage can be much more difficult to undo,” said Moore.
Looking towards the future, Moore demands a generalized collaboration between industries, cybersecurity suppliers and governments for countries such as the United Kingdom to strengthen digital defenses.
