British companies are too confident about their cybersecurity, report shows

Despite the growth in data breaches, senior executives at UK companies think their cybersecurity protection is top-notch, according to the survey conducted. Among key findings, the report revealed that 75 percent of UK businesses surveyed said they are better prepared for data breaches than their competitors — up from 60 percent in 2017.

When it comes to British industries, financial services companies were the most confident of all —55 percent said their company was a top performer, with 41 percent considering it above average. Telecommunications providers were second, with 42 percent calling their company a top performer. The least confident — or most realistic — respondents were in retail and ecommerce, where 38 percent said their company is a top performer, and just 19 percent said they were above average.

On the opposite side, retail and ecommerce respondents were most realistic, with 57 percent rating their companies above average or top performers.

Ovum conducted the survey for FICO through telephone interviews with 500 senior executives, mostly from the IT function, in businesses from the UK, the US, Canada, Brazil, Mexico, Germany, India, Finland, Norway, Sweden and South Africa. Respondents represented companies in financial services, telecommunications, retail and ecommerce, and power and utilities. You can find more information on the report here.