How over £1 billion per year is lost due to UK cyber attacks

Do a canvas of UK businesses and it is likely most will admit to not having tight enough security measures around their data and internal networks. A report from Irdeto, a world leader in digital platform security, suggests upward of £1 billion per year is being drained from the UK economy due to this relaxed security.
With key markets investigated, including medical and pharmaceutical, transportation and manufacturing, it was found on average £244,000 was lost on average per year, due to lax security measures.
Steve Huin, VP at Irdeto, said: “Insecure IoT devices and companion apps are essentially low-hanging fruit for cybercriminals, who are increasingly finding new, creative ways to turn our technological dependence into their own nefarious gain.
It’s clear that, if not addressed, a lack of IoT security could pose a serious financial threat to the wider UK economy. With so many devices entering the market and being deployed in critical businesses, the need for improved security measures is without question.”

Much of this value can be attributed to two things: downtime, with systems sometimes being taken down for days at a time, and fines. With the new laws being introduced around GDPR, user data is more protected than ever from misuse and negligence. Over 40% of the companies investigated by Irdeto admitted customer data had been compromised, which had resulted in significant fines. Not only do these fines deal a financial blow to small to medium companies, but the resulting damage done to relationships and company brand reportedly lost over a third of companies valued customers.

Furthermore, and more alarmingly, 28% of the organisations reported end-user saftey was put at risk from these compromises, and with the increasing number of IIoT devices being used in critical applications, this Irdeto report raises some serious questions.
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