Cost of cyber security breaches doubles
05 June 2015
Research has revealed that the average cost of the most severe online security breaches for big business now starts at 1.46 million, up from £600,000 in 2014, and the Government is urging business to take action.
The Information Security Breaches Survey 2015, published by Digital Economy Minister Ed Vaizey and launched at the Infosecurity Europe event, shows the rising costs of malicious software attacks and staff-related breaches and illustrates the need for companies to take action.
For small and medium sized businesses (SMEs), the most severe breaches cost can now reach as high as £310,800, up from £115,000 in 2014,
However, more firms are taking action to tackle the cyber threat, with a third of organisations now using the government’s ‘Ten Steps to Cyber Security’ guidance, up from a quarter in 2014. And nearly half (49%) of all organisations have achieved a ‘Cyber Essentials’ badge to protect themselves from common internet threats, or plan to get one in the next year.
The survey shows:
- 90% of large organisations reported they had suffered an information security breach, while 74% of small and medium-sized businesses reported the same
- for companies with more than 500 employees the average cost of the most severe breach is now between £1.46 million and £3.14 million
- for small and medium sized business the average cost of the worst breach is between £75,000 and £310,800
- attacks from outsiders have become a greater threat for both small and large businesses
- 75% of large businesses and 30% of small business suffered staff-related breaches
Read the full press release from the Department for Business, Innovation & Skills.