Cyber Security Study Highlights Awareness but Lack of Knowledge

Businesses in the UK are still struggling with a substantial gap in IT security knowledge, after a recent study showed that over one in three (35.4%) don’t know how system attacks would affect them financially.

However, Marsh’s UK Cyber Risk Survey Report 2016 found that businesses are becoming more aware as to IT security risks, after 83.3% of those who took part in the survey said that they have an understanding of cyber threats from a basic to complete level. The figure was just 60.8% in last year’s report.

The study refers to a rise in cyber attacks against newsworthy businesses as a significant factor behind increased awareness of threats, in addition to public and private sector organisations’ efforts.

Additionally, 29% of those who responded said that they have purchased, or are looking to purchase, cyber insurance cover, with 26% presently seeking quotes.

In spite of this, the report indicates that many businesses are still none the wiser when to comes to the financial cost that they would likely face in the event of an attack.

The study says:

“This may suggest that, despite it being made clear that an increasing number of UK organisations are identifying the risk, they still have some way to go in terms of applying basic risk management techniques, such as impact measurement and qualification of potential losses.”

Businesses need to create more cyber security jobs to ensure that they are not subject to massive financial hits, not to mention potential losses of data.