Majority of UK Businesses Not Financially Prepared For Cyber Attacks

An alarming number of UK businesses are not prepared for the financial implications of a cyber attack according to a survey by Lloyds Bank. The survey revealed that just one third have set up a financial plan to cope if the worst happens to their business.

While only just 150 business leaders took part in the poll, the results are seen as indicative of the wider business community.

IT and data security has traditionally been something that has been outsourced or left to a particular department, with the arrival of GDPR, business owners are now being forced to look a lot more closely at how data is stored and how that data is used within organisations.

The concern generated by the potentially huge fines that may be imposed on companies for misusing private data has led to 80% of business leaders being either concerned or very concerned about the financial impact of a cyber-attack.

While cyber attacks often involve stealing company data, they might also come in the form of demands for ransom payments. 34% of UK business owners say they would be prepared to pay a ransom if it meant they would get their data back and their systems restored.

With state sponsored attacks as well as those from major criminal organisations, it is certainly wise for businesses to have some cover in place to help counter any issues with cyber-attacks.