Security breaches cost for UK businesses on the way up

Wednesday 30 April 2014 10:02 CET | News

Even though the number of reported attacks has declined, the average cost of data breaches has risen to between GBP 65,000 and GBP 115,000 for SMBs and GBP 600,000 and GBP 1.15m for large organisations, as the severity and impact of attacks increased throughout 2013, recent findings indicate.

According to data from the Information Security Breaches Survey 2014, commissioned by the Department for Business, Innovation and Skills (BIS) and carried out by PwC, 81% of large organisations (those with over 250 employees) and 60% of SMBS (those with less than 50 employees) had suffered a security breach in 2013. This was down from 86% a year ago for the former and 64% for the latter.

Andrew Miller, cyber security director at PwC mentioned that breaches are becoming more sophisticated and their impact more damaging. Given the dynamic nature of the risk, boards need to be reviewing threats and vulnerabilities on a regular basis. As the average cost of an organisations worst breach has increased in 2013, businesses must make sure that the way they are spending their money in the control of cyber threats is effective.

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Keywords: online security, fraud, data breaches, UK
Categories: Fraud & Financial Crime
Countries: World
This article is part of category

Fraud & Financial Crime