The financial impact of cyber attacks on companies can reach seven-figure sums, according to research from BAE systems.
The company’s study of 100 public sector businesses with over 100 employees found that, on average, a cyber attack costs companies £330,000. For 1 in 10 organisations, the cost could rise to £1 million.
More than half of respondents had been the target of an attack in the past 12 months. Despite 79% of those surveyed saying that they had the right measures in place to mitigate an attack, a fifth were not confident that their business could return to normal operations 48 hours after one took place. Many respondents admitted that they had not tested their defences in the past 6 months.
Julian Cracknell, managing director for UK Services at BAE Systems, highlighted the urgent need for businesses to address their cyber security issues. He said: "The research confirms that cyber security is no longer merely a technical issue, but a challenge for the board.
"Businesses need to ensure they have the right people, process and tools in place, so when a major incident occurs they are equipped to understand, contain and remediate. If action isn’t taken immediately, the price of cyber ignorance – for the company and the wider economy – could be severe."
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