Despite data breaches spike most U.K. businesses are confident in preparedness of a breach

This year has seen some of the biggest data breaches and hacks ever seen. Only this summer we witnessed NHS computers attacked by malware demanding a ransom, forcing many hospitals and surgeries to practically shut down across the U.K.

The business sector has also suffered their fair amount of data breaches this year as well. Experts are forever telling us that cybercriminals continue to evolve their techniques, but despite these warnings, businesses are reportedly “gravely optimistic about their ability to deter and cope with malicious attacks.”

Its hardly convincing, is it?

How businesses respond to news of a data breach

An IT management company produced a report looking at how businesses across the U.K. and U.S. feel about the imminent threat of a cyberattack. News of breaches happening are at an almost continual cycle, and we know many companies/organisations caught up in a cyber breach have suffered huge reputational damage.

So, it really comes as no shock to read that, reportedly, “59% of IT executives believe they are less vulnerable [to attacks] than they were 12 months ago.”

On another note, 71% of the very same respondents were apparently actually victims of an attack in its meanest form.

A clear correlation exists between businesses hiking up their security as news of more breaches are reported. The report states that around half of the respondents “implemented new security technologies” following an attack, whereas 14% of these businesses apparently did nothing at all… Worrying stuff!

The cost of a data breach

Whilst not all cases of data breaches involve personal information being leaked and lawsuits to follow, a survey found that businesses are still losing money after a breach in any event. SolarWinds MSP reports that “the typical cost of a single data breach to SMBs and enterprises in the UK are £59,000 and £724,000, respectively.”

Quite a hefty price to pay for the sake of good security systems if you ask me! You might as well just invest in appropriate defences!

Are businesses becoming overconfident?

The report also highlights that businesses may be far too overconfident, and that this may be due to a number of reasons involving basic security principles:

The report forcefully suggests that businesses should improve on these areas of cybersecurity or face the risk of going under by placing themselves in a vulnerable position.

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