It has been reported this morning that according to the PwC Global State of Information Survey, UK businesses have reduced cybersecurity budgets by a third, from £6.2m last year to £3.9m this year- although the financial cost of attacks had also dropped from £2..6m to £857,000.
However, impact of attacks were felt more widely across the business in areas such as operations and data, while the ultimate cost can be hard to quantify. Andrew Clarke, EMEA Director at One Identity commented below.
Andrew Clarke, EMEA Director at One Identity:
“Historically an organisation’s cyber security strategy was focused on securing the enterprise but now having implemented core infrastructure security components such as Firewalls; Intrusion Detection and Malware prevention it is now about enabling the business.
As businesses focus on the people – or identity – they are thinking more about the controlling mechanisms that provision and de-provision users. They are becoming more pro-active and taking advantage of new security tools. They are gaining pre-emptive actionable insights to reduce risk before bad behaviours impact the business. And with that they are leveraging operational efficiencies to address compliance requirements. They are getting smarter about risk. They are now able to analyse identity data to prioritise decisions, actions, and thoroughly remediate risk. And as result are spending less in the process – and limiting the financial impacts caused by targeted attacks.”