Cyber crime costing firms £1.7m

Close to 10% of all UK firms have no knowledge of being targetted by a cyber security attack, with cyber crime costing a £1.7m average per incident, says a recent report.

The study, which saw more than 10,000 executives representing 127 countries provide feedback, revealed a higher impact, severity and frequency of cyber crime incidents.

Both present and ex-employees rank at the top as key incident sources, with 14% of firms admitting that they were unsure how the occurred.

However, the report also found that businesses are improving their ability to prevent and detect methods. It also revealed an increase in innovation.

PwC’s Scottish cyber security partner Colin Slater said:

“Our businesses are operating in an increasingly digitally-diversified world. The flip side of this is highly sophisticated and constantly evolving cyber risks that can impact their brand, the trust of their customers and stakeholders, as well as revenues -both directly and through penalties – if not dealt with effectively.”

He added that the recent Safe Harbour ruling, along with the looming changes in data protection laws, could have a huge impact on Scottish firms trading globally. He expressed doubt that many of those firms are preparing for this, or that they even understand any legal implications that these changes may have.

If companies are unaware of the impact that cyber crime has on their business, they are putting their business operations at risk. Certainly, they would be wise putting this side of the business in the hands of professionals. That starts with making cyber security jobs available to those with the necessary skills to make their firm as safe as possible.