# Over 50% of businesses increased their cyber security budget last year amid attacks
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2018-01-13
Category: NEWS
Category URL: https://financedigest.com/category/news
Meta Title: Cyber Security Trends: 53% of Businesses Increase Budget,
Meta Description: Discover how cyber security budgets have risen, customer data protection, threat prevention strategies, and the importance of cyber security training.
URL: https://financedigest.com/over-50-of-businesses-increased-their-cyber-security-budget-last-year-amid-attackshtml

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- **53%** of businesses surveyed by EY say their **cyber security budget has increased** over the last year

- **Two-thirds** of businesses cite ‘customer personal and identifiable information’ as the most valuable asset to protect

- The average spend on cyber security for businesses in the UK is **£4,590 per year**

In an age of technology, cyber-attacks are becoming more prevalent, more frequent and more threatening than ever before. Now that the majority of institutions, particularly in the financial sector, are opting to transform their operations via new [digital channels](https://www.financedigest.com/gamers-spend-twice-as-long-viewing-intrinsic-in-game-ads-compared-to-other-digital-channels-reveals-new-research-from-lumen-and-anzu.html "Gamers Spend Twice As Long Viewing Intrinsic In-Game Ads Compared To Other Digital Channels, Reveals New Research From Lumen and Anzu"), automation and other advanced technologies, the dangers to companies are significantly heightened.

As a result, [Turnerlittle.com](https://www.turnerlittle.com/) sought to find out how cyber security threats have increased in recent years, and what companies are, _and should_, be doing to prevent cyber-attacks.

With the sudden increase in the frequency and scope of cyber-attacks around the world, new and impending regulations, have already prompted some of the financial sector’s biggest names to review their [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") plans. In a recent Ernst & Young report, Turner Little found that **more than half of respondents**(53%) say their [cyber security](https://www.financedigest.com/the-future-of-cyber-security.html "THE FUTURE OF CYBER SECURITY") **budget has increased** over the last year.

**[Cyber security](https://www.financedigest.com/a-culture-of-cyber-security-throughout-financial-services-organisations.html "A Culture of Cyber Security Throughout Financial Services Organisations") is becoming a number 1 priority for businesses**

In 2018, many [companies understand](https://www.financedigest.com/understanding-company-debt-finance.html "Understanding company debt finance") that cyber security is a major risk, perhaps even the number one priority; particularly for technology-heavy companies. [Cyber risks](https://www.financedigest.com/automated-cyber-risk-quantification-saving-the-insurance-industry.html "Automated Cyber Risk Quantification: Saving the Insurance Industry") are **constantly changing** and are **difficult to keep up with**, which can be destructive. Unfortunately, no business can completely protect itself from a cyber-attack, but they can implement [plans and strategies](https://www.financedigest.com/tax-planning-strategies.html "Tax Planning Strategies") to help prevent breaches from occurring.

For many companies, [customer data is paramount, with a staggering **65%** of businesses citing **customer personal**](https://www.financedigest.com/meeting-customers-where-they-are-through-financial-inclusion-and-hyper-personalization.html "Meeting Customers “Where They Are” Through Financial Inclusion and Hyper-Personalization") and identifiable information as the most valuable asset to protect, while **36%** cited **customer passwords**.

**Turnerlittle.com found that these were followed by:**

•  Company financial [information –](https://www.financedigest.com/repository-of-analysis-and-information-for-every-facet-of-the-hydroxymethylbutyrate-hmb-supplement-market-2021-2031.html "Repository of Analysis and Information for Every Facet of the Hydroxymethylbutyrate (HMB) Supplement Market 2021 – 2031")•Patented intellectual property (IP) –**19.5%****10.1%**•  [Corporate strategic plans](https://www.financedigest.com/bank-of-england-sets-out-plans-to-sell-23-billion-corporate-bond-stockpile.html "Bank of England sets out plans to sell billion corporate bond stockpile") – **18.4%**•R&D information – **9.6%**•  Senior executive/board member•Non-patented IP – **8.3%**personal information – **15.1%**•Supplier/vendor identifiable•  [Information exchanged](https://www.financedigest.com/the-health-information-exchange-market-to-grow-on-a-satisfactory-note.html "The Health Information Exchange Market to grow on a satisfactory note") during M&Ainformation – **4.2%**activities – **11.5%**

Turnerlittle.com found, at present, there is a shortage of individuals with the skills and know-how to deal with [cyber security threats](https://www.financedigest.com/is-the-next-big-cyber-threat-mis-placed-security-spending.html "Is the next big cyber threat mis-placed security spending?") in business. Turner [Little’s analysis](https://www.financedigest.com/analysis-weary-investors-see-little-respite-to-fed-hike-gloom.html "Analysis-Weary investors see little respite to Fed hike gloom") of EY’s report can reveal that at all levels, there is a **lack of training** regarding **how** cyber risk should be handled in day-to-day business life.

Companies must increase [cyber security awareness training, whilst instilling an understanding of how cyber risks](https://www.financedigest.com/selfie-awareness-the-cyber-risk-going-undetected-in-banks.html "Selfie-awareness: the cyber risk going undetected in banks") can impact different roles and individual projects, as well as harming **overall businesses**(e.g. impacting corporate reputation, [business acquisition and client retention)](https://www.financedigest.com/employee-retention-tax-credit-is-a-lifeline-for-businesses.html "Employee Retention Tax Credit is a lifeline for businesses").

Analysing a 2017 report by Gov.uk, Turnerlittle.com found that, over the last 12 months, some businesses are trying to offer cyber security training, either internally or externally. Although, from the report, Turner Little concluded that training _must be more accessible_.

**The following companies pursuing cyber security training:**

•Small firms – **25%**•Within finance/insurance – **49%**•Medium firms – **43%**•Within info/•Large firms – **63%**communications/utilities – **41%**

Of these companies, the employees who attend the training courses varies. Unsurprisingly **, IT** **staff** had the highest attendance ( **79%**), followed by directors or senior [management staff ( **59%**](https://www.financedigest.com/edf-staff-shareholders-file-complaint-over-management.html "EDF staff, shareholders file complaint over management")), staff members whose job role includes information security or governance ( **47%**) and other staff who aren’t cyber security or IT specialists ( **29%**).

**The ‘cost’ of a cyber breach is more than just money…**

Turner Little found that cyber security can be expensive for companies; particularly those that are deemed “small”. According to Gov.uk, the mean spend on cyber security of all businesses in the UK is **£4,590**, and for large businesses, the mean spend reaches a staggering **£387,000**.

However, it is worth it in the long run, as Turner Little found that the average [cost of breaches to all businesses](https://www.financedigest.com/esg-prepared-why-ignoring-esg-is-a-costly-business.html "ESG Prepared: Why Ignoring ESG is a Costly Business") in the UK reached **£1,570** in the last 12 months – and **£19,600** for large firms.

**James Turner, Managing Director of Turnerlittle.com commented:**

_“Cyber security is something every [business must be investing](https://www.financedigest.com/japanese-businesses-pledge-uk-investment-ahead-of-sunak-meeting.html "Japanese businesses pledge UK investment ahead of Sunak meeting") in. In this day and age, with the increases in technology and software, businesses are constantly under attack from hackers – both [big and small](https://www.financedigest.com/analysis-financial-literacy-or-luck-the-year-small-time-traders-made-a-big-impact.html "Analysis-Financial literacy or luck? The year small-time traders made a big impact"). It is vital companies assess their cyber security plans continuously to ensure all data is secure.”_

**He added:**“Despite the [cost](https://www.financedigest.com/uk-pub-operator-wetherspoons-loss-narrows-despite-higher-costs.html "UK pub operator Wetherspoon’s loss narrows despite higher costs"), it is important to ensure that all employees understand how dangerous cyber breaches can be, and what their costs are – particularly in larger firms where the aftermath can be highly detrimental to the company’s reputation and client retention.”


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