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Many UK firms says they can't afford to stay safe against cyberattacks

security
(Image credit: Shutterstock / Golden Sikorka)

Despite the obvious importance of cybersecurity, many organizations in the UK cannot afford to secure their operations. This is according to a new report from cybersecurity firm Keeper Security, which found that the majority of organizations (59 percent) have insufficient funding to fully cover their cybersecurity needs.

The gravity of the problem becomes clear in the context of the number of cyberthreats modern businesses face. More than two thirds (69 percent) of tech firms in the UK have suffered an attack in the last year, with roughly half saying attacks have grown more dangerous. Almost half experienced an incident that involved losing sensitive customer or employee data, and almost a third lost more than $240,000 per attack.

Adding insult to injury, the funding problem is paired with a scarcity of security expertise. The majority of UK tech firms (61 percent) are lacking necessary in-house expertise to prevent cyberattacks or deal with the aftermath of one.

The Covid-19 pandemic has further exacerbated the problem, some experts are saying. Almost half (45 percent) of the report's respondents claim Covid-19 has affected businesses’ online security.

"Keeping data secure is simply a non-negotiable, even more so when disaster strikes,” said Darren Guccione, CEO and Co-Founder of Keeper Security.

“A successful cyberattack and the financial repercussions that come with it are much more likely to prove fatal to a business.”