UK companies fail to ready themselves for cyber attacks

Organisations in the UK have fallen behind in preparing for cyber risks according to a new study from Hiscox.

Hiscox Cyber Readiness Report 2017, which surveyed 3000 executives, managers and IT specialists responsible for cyber security decisions within their organisations in the UK, US and Germany has shown the UK is falling behind in its preparations.

The report found that more than one third of businesses (35%) in the UK had changed nothing despite suffering a cyber security incident in the past year. This figure was 26% in Germany and just 18% in the US.

The report also revealed that UK firms are also most likely to believe that cyber insurance is not relevant for them, with 45% claiming they have no plans to take out a policy.

Overall, 40% of firms report that they have taken out cyber insurance.

Countrywide, only 43% of German companies believe their government is doing enough to protect them from cyber-attack (compared with 62% in the US and 48% in the UK).