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Report finds UK tech sector unprepared for cyberattacks
According to research conducted by the Ponemon Institute and commissioned by Keeper Security , more than half of IT and technology firms in the sector ( 59 %) say their budgets are still insufficient to cover their cybersecurity needs . working and the use of unmanaged devices – heightened this level of risk , with 45 % of respondents blaming the conditions caused due to Covid-19 as affecting businesses ’ online security .
One year on from emergency lockdown measures that forced UK businesses to rapidly provision remote working tools , most IT and technology businesses have done little to bolster their own cyberdefences . In fact , more than half of the firms in the sector ( 59 %) say their budgets are still insufficient to cover their cybersecurity needs , according to research conducted by the Ponemon Institute and commissioned by Keeper Security .
Over two thirds ( 69 %) of UK technology companies suffered a cyberattack last year , with almost half ( 47 %) claiming the severity of these attacks has increased over the period . Despite the nature of the technology sector , specialist expertise in cybersecurity remains scarce , with the majority of UK tech firms ( 61 %) stating that they are without the necessary in-house expertise .
“ The technology industry has been targeted by cybercriminals on a mass scale throughout the pandemic , yet with priorities focused on the immediacy of risks that would create tangible damage , it ’ s understandable that priorities have been focused on making sure businesses can simply continue to operate ,” said Darren Guccione , CEO and Co-Founder of Keeper Security .
Technology chiefs believe the extraordinary conditions created by lockdowns – remote
Remote working also made it harder for IT teams to respond to attacks , with half of UK tech firms ( 51 %) stating the time taken to respond to cyberattacks has increased during lockdowns .
And the consequences have been damaging : 43 % have experienced an incident involving the loss of sensitive information about customers , prospective customers or employees , with 32 % of cases having an estimated financial impact at over £ 175,000 per attack .
Yet , while hackers , unmanaged IT equipment and the sudden imposition of remote working has been among the key causes of blame – nobody had a business continuity plan amid a global pandemic .
Budgets have been squeezed more than ever and firms have not been able to afford muchneeded investments in large scale security projects . Half of the UK tech sector ( 49 %) do not have sufficient financial resources to successfully prevent cyberattacks .
Despite the growing number of high-profile attacks on prominent technology companies , a worrying 64 % still don ’ t require the use of a password manager for employees in a remote working environment .
“ Stepping up security around passwords , through a multi-platform password management and security platform , can be very simple and cost-effective , providing a manifold improvement to organisations ’ security posture ,” concludes Guccione . p
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