More than a third of C-level managers in the UK believe their companies will be hacked in the next 12 months, according to a recent survey, cited by Business Matters.
Economists at the Centre for Economic and Business Research modelled how a real cyberattack would affect a cross-section of the British economy, including the telecoms, utilities, retail, banking and insurance sectors, The Telegraph noted. They found telecom companies were the most vulnerable due to the nature of sensitive information stored, the value of the data and low levels of investment in cyber security. More than half of telecoms managers who took part in the survey believed their company would experience a “significant breach” within a year.
“Britain’s boardrooms are struggling to get a handle on cyber security issues,” said Andrew Rogoyski, head of cyber security at the CGI. He warned of more breaches unless investment increased.
British companies typically hold £52.5m worth of sensitive information, including customers’ financial details and commercially sensitive intellectual property. Banks hold the most valuable details, roughly £65m per financial institution, according to the CEBR.
Economists at the CEBR estimate the total cost of a serious data breach to a business over one year is £1.2m on average.
The damage to brand and reputation from an attack were deemed to have the biggest impact, according to the more than 150 top managers surveyed.