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UK firms overconfident about their cyber defences

(Image credit: Image Credit: Maksim Kabakou / Shutterstock)

UK companies are 'overly confident' in their cyber-security defences, new research has claimed.

A study by FICO found that the number of cyber-attacks is growing, yet businesses are saying they are better prepared than their competitors.

Based on a poll of security execs at 500 companies all over the world, the report is saying 75 per cent of UK firms surveyed feel they are better prepared for data breaches than their competition. Canadians were most likely to rate their company a top performer in cybersecurity. On the other hand, financial services companies were ‘least realistic’ – almost all of them (96 per cent) rated their firms above average or top performers.

Retail and e-commerce companies are at the other end of the spectrum, being most down-to-earth, according to the report. Among these companies, 57 per cent rated their firms above average or top performers.

Despite this confidence, only 36 per cent of organisations are carrying out more than a point-in-time assessment of what their cybersecurity risk is.

“The grave risk posed to our privacy and security demands that firms take an honest view of their protection,” said Steve Hadaway, FICO general manager for Europe, the Middle East and Africa.

“These numbers suggest that many firms just don’t understand how they compare to their competitors, and that could lead to a lack of investment. When we review firms’ cybersecurity risk with our FICO Enterprise Security Score, I can tell you that most firms are not above average.”

Image Credit: Maksim Kabakou / Shutterstock

Sead Fadilpašić

Sead is a freelance journalist with more than 15 years of experience in writing various types of content, from blogs, whitepapers, and reviews to ebooks, and many more, across sites including Al Jazeera Balkans, TechRadar Pro, IT Pro Portal, and CryptoNews.