There is a danger that the rising bill for security against cyber attacks will bite into general IT budgets. More than half of UK organisations plan to increase their cybersecurity budgets over the coming 12 months, according to EY’s annual Global Information Security Survey (GISS). The survey, “Creating trust in the digital word,” examines some of the most important cyber security issues facing business and reflects responses from 1755 organisations across 67 countries globally.
The increase in cybersecurity budgets comes as 39% of UK respondents currently lack confidence in their ability to detect sophisticated cyber attacks. The main obstacles challenging organisations’ information security are a lack of skilled resources (56%), budget constraints (46%) and a lack of executive awareness or support (32%).
Mark Brown, Executive Director of Cyber Security & Resilience EY UK and Ireland, comments: “As we have seen in recent months, cyber security attacks on UK organisations are becoming increasingly sophisticated and all too frequent. Our survey results show that companies are worried that their cybersecurity resources, both in terms of skills and budget, are not sufficient in this current environment and that is a dangerous threat not only to their technology, but also to their bottom line.”
When asked to list the likeliest sources of cyber attacks, UK respondents cited criminal syndicates (68%), followed by employees (63%) and hacktivists (56%). And, when asked about their organisations’ investments in cyber attack protection, 52% said their IT security budgets should be increased by up to 25% to align their organisation’s need for protection with their management’s tolerance for risk.
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