Today's fruitless cash-chuck

UK businesses doubled security spending last year without seeing any tangible returns.

Average UK security spending last year doubled last year from £3m to £6.2m (nearly 60 per cent higher than global average - £3.9m), according to PwC. Despite this increased investment 18 per cent of UK organisation still don't know how many cyber attacks they had last year.

Nearly eight in 10 experienced downtime due to security incidents. The average number of security incidents faced by UK companies increased by 23 per cent to 5,792.

One in seven (17 per cent) of all respondents don't know the likely source of their security incidents, which cost an average £2.6m (up 53 per cent from last year).

PwC’s Global State of Information Security Survey 2017 was based on interviews with over 10,000 executives from more than 133 countries, including 479 UK respondents.

In the previous study, 59 per cent had a cyber insurance policy, but in the last year this has decreased to only 38 per cent of respondents, compared to 53 per cent globally. ®