A recent report carried out by security firm NTT Security has found that companies within the UK are failing to make effective progress in their efforts to tackle cyber-crime, despite it being named as the top threat to businesses.
The report surveyed more than 2,200 people across 20 countries, with the UK coming third in the top performing businesses in terms of cyber security, dropping from the previous year with the introduction of India as the number one country for effective cyber security amongst businesses.
In looking at both ‘good’ and ‘bad’ cyber security practices, the report demonstrated that businesses globally showed no improvement from the previous year, with an astounding 32% surveyed scoring less than zero, meaning that they were using more ‘bad’ cyber security practices than ‘good’.
Many of the statistics from the report do in fact reveal the significant impact that cyber security failings are having on businesses worldwide. Take for example, the recovery time for an organisation following an attack, in the UK respondents to the survey estimated that it would take 93 days to recover, a figure that is more than double estimates from 2018.
The recovery costs of a breach within the UK remains in line with the global average of $1.2 million, for Nordic countries however, this figure is much higher, with Sweden’s estimated costs reaching $3 billion.
What can we learn from the report?
Ultimately one of the main takeaways from the report, for the UK in particular, was the importance of a disaster recovery plan that can be executed effectively should a cyber-attack occur. Statistics have shown that 60% of businesses within the UK have an ‘incident plan’ in place, and whilst higher than the global average, this figure still leaves a lot to be desired when it comes to improving survival rates for disaster-hit companies.
Cyber security is an essential component to all that we do here at MWL Systems, and therefore we have supported countless clients throughout the years to tackle the ever-growing and ever-changing threat of cyber-attack. Are you looking to implement effective cyber security procedures in your business? Contact our expert team today to discuss your requirements.