Finance and insurance firms invest most in cybersecurity
A new analysis of government figures has revealed that UK firms from the finance and insurance sectors invested the most in cybersecurity in 2018-2019.
According to the analysis of the latest government data by cybersecurity firm Specops Software, health and social care companies were the second biggest investors, while food and hospitality businesses invested the least in cybersecurity.
Health sector companies made the biggest overall increase in their cybersecurity spending, ramping their investment up by 506 per cent, from an average outlay of £2,770 in 2017-18 to an average of £16,800 in 2018-19. This increase comes in the wake of high-profile cyber-attacks against major healthcare firms including Merck & Co. and Bayer.
Finance and insurance firms increased their average spending by 23 per cent, from £17,900 in 2017-18, to £22,050 in 2018-19. Despite investing the least in cybersecurity on average, food and hospitality firms still increased their average spending 20 per cent, from £900 in 2017-18, to £1,080 in 2018-19.
In its report, Specops said that more than half of UK firms (55 per cent) have suffered a cyber-attack in 2019 alone, with average losses from these attacks estimated at around £176,000.
Healthcare and financial services companies are seen as two of the biggest targets for hackers. A 2018 Deloitte report said that the drug industry was the most targeted sector, with intellectual property theft seen as a key motivator.
Meanwhile, cyber-attacks on financial services companies reportedly increased by 480 per cent in 2018, with a total of 145 breaches reported to the Financial Conduct Authority, up from 25 in 2017.
“As cyber-attacks become more frequent and complex, security has to be a high priority for firms,” said Darren James, cyber security expert at Specops Software. “Key decision makers need to carefully understand and manage their online eco-system to ensure it consistently has the adequate defences in place to protect against varying threats."
