Government boosts support to SME's to address rising Cyber threats
The Information Security Breaches Survey, commissioned by the Department for Business, Innovation and Skills (BIS), reveals that the number of cyber attacks hitting businesses has increased over the last year. It showed 87% of small firms experienced a security breach last year - up 10% - and 93% of large organisations had also been targeted and found some attacks caused more than £1 million of damage.
- 87% of small firms - up 10% - experienced a security breach last year. 93% of large organisations were also targeted.
- Affected companies experienced around 50% more attacks on average than a year ago
- The average cost of the worst security breach for small organisations was £35,000 to £65,000
- The average cost for large organisations was between £450,000 and £850,000
- The median number of breaches suffered was 113 for a large organisation and 17 for a small business
- Several individual breaches cost more than £1 million
- 78% of large organisations were attacked by an unauthorised outsider (up from 73% a year ago) and 63% of small businesses (up from 41 per cent a year ago)
- 81% of respondents reported that senior management had not been able to put in place effective security, even though it was classed a high priority
- 84% of large businesses report staff-related cyber breaches (the highest figure ever recorded) and 57% of small businesses (up from 48 per cent a year ago)
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The Financial Services Authority (FSA) will shortly be publishing a review cyber security across the financial services sector.
Greg Clark (MP), financial secretary to the Treasury has reported to Parliament that the Bank of England and the Treasury are working with the FSA to review how cyber security is currently managed across the finance sector. Working with other agencies the procedures of a number of financial institutions will be benchmarked in a programme led by the FSA.