How much do businesses financially invest into cyber security?

Research shows that cyber security investment figures have increased in 2018 and 2019, in various sectors across the UK, compared to the previous year according to Specops Software.

Specops Software, a password management and authentication solution vendor, analysed how much bussinesses invest into cyber security to avoid cyber attacks. It looked at 1,091 firms in the UK, from a range of sectors, and investigated how they’ve invested in cyber security between April 2018 and March 2019.

The research revealed that businesses in construction spent an average £3,750 on cyber security between 2018-19, which is an 188% increase from 2017, when the average outlay was £1,300.

Finance and insurance firms invested the most on cyber security between 2018-19, at an average of £22,050, which is a 23% increase from 2017.

Firms in food and hospitality spent the least on cyber security between 2018-29, at an average of £1,080, which is a 20% increase from 2017, when the average outlay was £900.

Entertainment/service/membership firms invested an average £1,940 on cyber security between 2018/19, when the average outlay was £770.

The widespread and severity of cyber attacks have increased over the last few years. 55% of UK firms have already faced a cyber-attack, and losses from breaches have accounted to £176,000 on average, according to statistics from insurance provider Hiscox.

Tips to maintain high cyber security standards

Specops Software have created three tips for protecting businesses from cyber attacks by maintaining a high-standard cyber security.

Review IT estate

Carry out a regular assessment of IT systems to identify any vulnerabilities that maybe targeted and exposed by opportunistic cyber-criminals.

Education and Governance

Create a formal document which establishes the firm’s best practices and policies on cyber security. Within this, give employees clear guidance on what they can and cannot do on the company’s IT devices/systems/networks.

Safeguard and Protect

Keep anti-virus software up-to-date, apply the latest security patches and periodically change passwords across IT estate.

Cyber Security Expert at Specops Software, Darren James, said: “As cyber-attacks/breaches become more frequent and complex, cyber-security has to be a high priority for firms. Otherwise they face the huge risk of leaving their website and digital communication platforms exposed to devasting cyber-attacks/breaches.”

“So key decision makers need to carefully understand and manage their online eco-system to ensure it consistently has the adequate defences in place to protect against varying cyber threats. In addition to this, education as well as governance on cyber security for employees can play an essential role in protecting critical functions from being targeted/compromised”.