Our recent survey revealed that nearly half of UK businesses (49%) struggle with adequate cyber security and theft, prompting concerns that the UK is at risk of a wide scale cyber attack.
In our survey we asked nearly 500 key decision-makers from businesses across the UK about their ongoing business priorities and, crucially, their level of investment in tech.
Despite a rise in cyber security attacks, with organisations now facing a new online threat every 42 seconds, 65% of respondents aim to reduce costs, with only 38% looking to invest in new technology over the next financial year. The area of investment leading the way is connectivity (43%) with cybersecurity a close second (39%).
When it comes to what is getting in the way of technology leaders doing their jobs – top is cyber security concerns followed by legacy technology and then access to skills.
“It’s not a question of if, but when businesses will be victims of a cyber attack” says Steve Burden, Director of Connectivity & Cyber Security Solutions at Wavenet. “The majority of organisations understand that at some point they will be targeted by cyber criminals, but with budgets being stretched across the industry, coupled with a shortage in digital skills many businesses simply can’t match the level of investment required to protect themselves.”
In January this year, the Department for Science, Innovation and Technology announced an additional £1.9m worth of funding to boost the UK’s cyber resilience. Whilst the move has been welcomed by industry stakeholders, others have voiced concerns that the scheme will bolster protection but still leave businesses ill-equipped if their defences are breached.
“Prevention is always better than cure, but businesses need to ensure that they have the facilities in place to deal with the aftermath of an attack.” adds Steve. “Whilst this latest round of funding will help organisations delay or mitigate the impact of an attack, more needs to be done to support businesses once defences have been breached. In recent months we’ve seen just how disruptive these types of incidents can be, with banks and local authorities experiencing widespread shortages, affecting hundreds of thousands of people.”
Our latest market survey mirrors what we see from our customers, that cyber security is a top priority. My advice would always be to invest in cyber protection before it is too late.”
Steve Burden, Director of Connectivity & Cyber Security Solutions at Wavenet
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