Finance and insurance companies in the UK invested more money in cyber security than any other type of firm over the latest financial year, new analysis has found.
These companies spent an average of £17,900 each between April 2017 and March 2018 – a whopping 85% increase on the £9,640 invested over the previous 12 months.
Transport and storage firms spent the next highest amount, investing an average of £6,570, while the entertainment, service and membership industry spent the least on just £770.
“Key decision-makers need to put an urgent spotlight on cyber security by placing it high on their agenda,” said Darren Best, managing director at SavoyStewart.co.uk, which carried out the research.
“This includes investing a sufficient amount of money to ensure their IT estate has the capabilities to consistently get basic defences right, and establishing adequate governance for employees.”
Based on analysis of government data, the research also reveals that the financial sector recorded the largest increase in cyber security spending over 2017-2018.
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The findings come after Juniper Research forecast cyber security investment to increase by a third over the next four years, reaching a collective annual spend of £95bn by 2022.
Approximately 70% of this spending is expected to come from medium-sized businesses, with cyber criminals increasingly seeing these firms as “low-hanging fruit”.
It is also predicted that the cumulative cost of data breaches between 2017 and 2022 will reach a staggering £6trn as firms are subjected to increasingly sophisticated cyber attacks.
“As the scale and sophistication of breaches intensifies, firms cannot afford to sit back and take the importance of cyber security lightly,” Best continued.
“As firms now remain reliant on an online ecosystem to conduct business, they must realise their websites and digital communications can be easily targets and exposed to cyber attacks.”
InsurTech is expected to help generate over $400bn (£312bn) worth of premiums worldwide by 2023, more than double the estimated $187bn today.
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