Digital Transformation » Technology » Cyber attacks still costing businesses big

THE SCALE and cost of individual cyber-security breaches has almost doubled, despite the number of cyber-security breaches decreasing marginally over the last year, according to a BIS survey.

Information Security Breaches Survey 2014, commissioned by the Department for Business, Innovation and Skills (BIS) and carried out by PwC, found that the worst breaches for small firms on average cost between £65,000 and £115,000; for large firms they range from £600,000 to £1.15m.

Four-fifths (81%) of large firms suffered security breaches last year, down from 86% in the 201 report, while 60% of small firms reported breaches, down from 64%. Despite this, the cost of security breaches to UK plc, in the order of billions of pounds per annum, has tripled over the last year.

Andrew Miller, cyber security director at PwC, said: “Breaches are becoming more sophisticated and their impact more damaging. Given the dynamic nature of the risk, boards need to be reviewing threats and vulnerabilities on a regular basis.”