Business and Economic Consequences of Inadequate Cybersecurity
Cyberattacks cost UK businesses £18 billion in lost revenue and £16 billion in increased IT spending per year as a result of breaches. And the issue is widespread
— 81 percent of UK businesses reported a breach in 2014.
What you will learn
In the joint Cebr/Veracode survey entitled “Business and Economic Consequences of Inadequate Cybersecurity,” more than 200 British C-level executives were asked about attitudes to the government’s policies on cybersecurity as well as how seriously executives take cybersecurity and the costs associated with breaches. Key findings include the following:
- Businesses on their own. 60 percent of CTOs believe the UK government is not doing enough to prevent cyberattacks.
- Top concerns: Breach costs (e.g., forensics, clean-up, legal), reputation and brand damage, and lost revenue due to downtime.
- Taking action. More than half of CEOs hold themselves accountable, and 88 percent have increased annual IT spending as a result of breaches.
- Security over innovation? 70 percent of CTOs believe that their current cybersecurity policies block innovation in some way, suggesting a need for more streamlined risk assessments.
- Jumbled priorities? 34 percent of cybercrime in UK businesses is tied to IP theft, yet this ranked far down on respondents’ priority lists.