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Investors lose £42bn due to cyber breaches, report finds - comment from Insight

April 2017 by Alex Guillen-Estudillo, Go-to-Market marketing manager, Insight UK

Following today’s news that cyber breaches are costing investors £42billion and PLCs £120 million, Alex Guillen-Estudillo, Go-to-Market marketing manager, Insight UK, comments:

"Today’s news will hopefully be the wake-up call businesses need to bring cybersecurity to the top of the boardroom agenda. Recent advances in technology mean that businesses now have access to a wealth of data and with that comes a risk they cannot ignore. CGI’s research proves that taking a backseat approach not only affects a business’s reputation, but it has potentially crippling financial consequences if they do incur a data breach.

"Just last year it was revealed that cybercrime had cost the UK £11bn and today we are seeing how this number can be much larger for global investors. Recent data breaches remind us that no organisation - no matter how big or small - is exempt from malicious attacks and the best way to tackle this is to be prepared. While bolstering cyber security is vital, businesses also need a strategy for what happens when an attack does occur, and having a regular security training programme for all employees could be the answer.

If the UK’s corporate landscape takes advantage of the numerous tools and services that not only help cement their cybersecurity practice, but also reduce the fallout, they will have the best chance at ensuring their reputation as a trustworthy business is maintained."

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