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Just a third of UK firms confident they can recover from cyber attacks

Only a third of UK firms are confident in their ability to recover from cyber attacks, according to a report that highlights businesses' lack of preparedness for cyber threats.

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The study from the Ponemon Institute and Resilient Systems found that just 36 per cent of organisations have faith in their ability to get back on their feet after an incident.

71 per cent of firms would rate their cyber resilience as low today, according to the survey, while only 29 per cent of firms would rate their cyber resilience as high.

More than three quarters said an incident response plan is the most important governance practice, but 43 per cent do not have an incident response platform in place.

And the biggest barrier to resilience was found to be insufficient planning and preparedness, which 61 per cent of firms said was holding them back.

Next were insufficient awareness, analysis and assessment at 55 per cent and the complexity of business processes at 51 per cent.

Accountability also appears to be a problem within firms, with 14 per cent of those surveyed saying nobody has overall responsibility for cyber security.

This lack of leadership is also hindering collaboration within organisations, with 32 per cent saying their collaboration is either poor or non-existent.

Cyber-aware staff are also still having a hard time conveying its importance to leaders.

56 per cent of respondents said their organisations’ leaders do not recognise that cyber resilience affects enterprise risk and brand image.

And 65 per cent said they believe funding and staffing are insufficient to achieve a high level of cyber resilience within their businesses.

The average budget for cyber resilience was found to be about £2.1 million – equivalent to 23 per cent of each firm’s IT security budget.

“Despite the growing importance of cyber resilience, the research shows serious issues that need to be addressed if UK organisations are to survive the next wave of cyber attacks,” said Larry Ponemon, chairman and founder of the Ponemon Institute and author of the study.

“Until cyber resilience becomes a coordinated, organisation-wide effort and the necessary technology and processes are put in place, organisations will remain vulnerable.”


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