# Cyber security not a priority for most sectors, despite breaches costing UK firms £29 billion in 2016
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2017-07-28
Category: FINANCE
Category URL: https://financedigest.com/category/finance
Meta Title: Directors in Finance and Insurance: Top Concerns on Cyber
Meta Description: Find out why 60% of directors and senior management consider cyber security a very high priority. Learn more about the implications of cyber-attacks/breaches.
URL: https://financedigest.com/cyber-security-not-a-priority-for-most-sectors-despite-breaches-costing-uk-firms-29-billion-in-2016html

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- **Directors/senior management in finance and insurance are the most concerned about cyber security – with 60% classifying it as a very high priority**
- **Directors/senior management in hospitality and food are the least worried about cyber security – with only 15% considering it a very high priority**
- **Nine out of 10 businesses don’t have an incident management plan in the event of a cyber-attack/breach**

Over the last few years, [cyber security](https://www.financedigest.com/how-to-handle-cyber-security-during-mergers-and-acquisitions.html "How to Handle Cyber Security during Mergers and Acquisitions") has been propelled to the forefront of the public eye. With cyber-attacks/breaches becoming more prevalent and severe than ever before, it’s a highly concerning issue. In fact, research by Beaming shockingly revealed that 2.9 million UK firms suffered [cyber security](https://www.financedigest.com/the-future-of-cyber-security.html "THE FUTURE OF CYBER SECURITY") breaches last year (2016), costing firms an alarming £29.1 billion.

With 83% of UK businesses online, the consequences of a cyber-attack/breach can be devastating. According to [security professionals consulted by networking](https://www.financedigest.com/new-demands-on-network-security.html "NEW DEMANDS ON NETWORK SECURITY") hardware company Cisco, operations of an organisation (36%) are most likely to be affected by any potential cyber-attack/breach. After operations finances (30%), brand reputation (26%), customer retention (26%) and intellectual property (24%) are the most affected.

No organisation with a desire to achieve favourable results and grow [successfully wants to be in a position of having critical](https://www.financedigest.com/five-critical-tips-to-create-a-successful-start-up.html "Five Critical Tips To Create A Successful Start-up") functions compromised. Yet, figures show that nine out of 10 businesses don’t even have an incident [management plan](https://www.financedigest.com/financial-planning-for-freelancers-managing-irregular-income.html "Financial planning for freelancers: managing irregular income") in the event of a cyber-attack/breach.

[SavoyStewart.co.uk](http://www.savoystewart.co.uk/) sought to find out how serious business leaders are about cyber security. To achieve this, they analysed findings from Gov.uk (whom consulted over 1,500 firms) to see if cyber security was a high priority for directors/senior management in a range of sectors.

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The [research fascinatingly revealed](https://www.financedigest.com/new-research-reveals-the-countries-leaving-cash-behind.html "New research reveals the countries leaving cash behind")

It was found that 60% of directors/senior [management in finance](https://www.financedigest.com/freelancing-finances-managing-income-and-taxes-as-a-freelancer.html "Freelancing Finances: Managing Income and Taxes as a Freelancer") and insurance consider cyber security a very high priority– the highest amongst the analysed sectors. Thereafter, directors/senior management in education, health or [social care](https://www.financedigest.com/tmwi-appointed-by-zeiss-vision-care-to-drive-integrated-paid-social-campaigns.html "tmwi appointed by ZEISS Vision Care to drive integrated paid social campaigns") – consider cyber security as a very high priority at just under 50%.

With only 15% of directors/senior management in the hospitality and food [sectors classifying cyber security](https://www.financedigest.com/why-the-finance-sector-must-prioritise-mobile-security-over-innovation.html "Why the finance sector must prioritise mobile security over innovation") as a very high priority, it seems they are the least concerned by prospective threats. Directors/senior management operating in the entertainment, service or membership industries are only slightly more apprehensive – with 21% regarding cyber security as a very high priority.

**Matthew Yates, a Senior IT Consultant said:**

_“Cyber security cannot be ignored. The implications of a cyber-attack or breach can be detrimental towards any company’s reputation and finances. [Key decision makers therefore need to put an emphasis on cyber security by placing it at the top](https://www.financedigest.com/benzylamine-market-top-key-players-latest-trends-regional-insights-and-global-industry-dynamics-by-2026.html "Benzylamine Market Top Key Players, Latest Trends, Regional Insights and Global Industry Dynamics By 2026") of their agenda. In doing so, they can effectively improve their [cyber protection against potential threats](https://www.financedigest.com/how-are-rising-cyber-threats-boosting-demand-for-public-safety-software.html "How are Rising Cyber Threats Boosting Demand for Public Safety Software"). More importantly, establish a companywide precedent on embracing cyber security and its everyday importance”._

**Darren Best, Managing Director of SavoyStewart.co.uk commented:**

_“The calamity caused by recent cyber-attacks/breaches emphasises the need to take cyber security very seriously. With threats, likely to intensify as cyber criminals become more ruthless, businesses cannot rest on their laurels. Business leaders cannot afford to be just concerned or treat it as another [risk management](https://www.financedigest.com/crypto-investors-step-up-risk-management-after-last-years-meltdowns.html "Crypto investors step up risk management after last year’s meltdowns") exercise. They need to effectively understand, carefully manage and thoroughly assess the [security of their IT estate to continually](https://www.financedigest.com/hybrid-working-and-the-continued-security-challenges-for-financial-organisations.html "Hybrid working and the continued security challenges for financial organisations") get the basic defences right. On top of this, adequate governance and employee education on cyber [security can go a long way](https://www.financedigest.com/pandemic-loans-three-ways-to-secure-recovery.html "Pandemic loans: Three ways to secure recovery") in protecting a business’s key capabilities and functions”._


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