Tatton teaser: Raising Rate of Cyber Crime
Posted 18 January 2023
Whilst economist scramble to find growth in the global economy and areas to invest in, unfortunately, one thematic area that continues its growth path is Cyber Crime.
The latest information from the UK National Cyber Force (NCF) makes grim reading. More than 80% of UK organisations experienced a successful attack in 2021/2022; whilst over a 12-month period, ransomware attacks affected 73% of UK organisations a 15% rise on the previous year. Whilst only a small number of companies paid the ransom it can be expensive to fix with Sophos estimating that the average cost for UK organisation was $1.08million in 2022.
As we head into the earnings seasons and despite the pressures of increasing costs for companies, IT spend particularly on cybersecurity may be an ill-informed area to try and cut.
Thank you Claire Bennison for this note.