A study from SavoyStewart.co.uk has shown that the finance and insurance sectors are leading the way for cyber security investment.
The study, which analysed Gov.uk data from over 800 companies, comes after separate figures from the Business Continuity Institute showed that more than 50% of businesses believe that cybercrime is their biggest threat.
Rise in cybercrime
A study from Big Four accountancy firm PwC also highlighted the impact of cybercrime, with the disruption of business processes being found to be the biggest type of economic crime carried out through cyberattacks.
SavoyStewart.co.uk’s analysis shows that businesses in the finance and insurance sector are now taking action to combat cybercrime, with firms investing an average of £17,900 in cyber security from April 2017 to March 2018.
Businesses in the sector were found to be investing more than other industries included in the research, with an 85% rise in investment from the previous year, when businesses in the sector were investing an average of £9,650.
The sector outperformed areas such as professional/scientific/technical and administration/real estate, which invested just £4,270 and £1,860 on average respectively over the same period, a significant drop from the previous year. Finance and insurance was one of just four sectors that saw a rise in investment.
Businesses’ reliance on potential cyber targets
Commenting on the importance of firms tackling cybercrime, SavoyStewart.co.uk’s Managing Director Darren Best said: “As firms now remain reliant on an online ecosystem to conduct business, they must realise their websites and digital communications can be easily targeted and exposed to cyberattacks and breaches.”