Insurance cyber security investment is growing and becoming ever more important, according to new research.
Research reveals insurance and finance firms invested the most in cyber security in 2017-18, at an average of £17,900 – an 85% increase from the previous financial year of 2016-17, according to SavoyStewart.co.uk, a commercial property estate agent.
This compares with 2016-2017 when finance and insurance firms were spending an average of £9,650 on cyber security.
SavoyStewart.co.uk analysed findings from Gov.uk to see how much money 811 UK firms from a range of sectors invested in cyber security during the financial year of April 2017 – March 2018.
Firms in the transport and storage sector invested the second highest amount of money in cyber security at an average of £6,570, a small increase of 9% from the financial year before (£6,040).
Contrastingly, the research revealed firms in the entertainment, service and membership industry invested the least money on cyber security at a mere average of £770.
The findings come as figures by the Business Continuity Institute (BCI) show that 53% of UK firms now consider a cyber-attack as the main threat facing them in the near future.
With Price Waterhouse Coopers (PwC) finding £857,000 to be the average annual cost incurred by UK firms who have fallen victim to cyber-attacks/breaches, any incidents can therefore have adverse and disruptive implications.
Darren Best, managing director of SavoyStewart.co.uk commented: “As the scale and sophistication of cyber-attacks/breaches intensifies, firms cannot afford to sit back and take the importance of cyber security lightly. As firms now remain reliant on an online ecosystem to conduct business, they must realise their websites and digital communications can be easily targeted and exposed to cyber-attacks and breaches.”