PwC comments on the National Cyber Security Strategy announcement
In response to today’s National Cyber Security Strategy announcement from Chancellor Philip Hammond, Richard Horne, cyber security partner at PwC commented:
“The UK Government is leading the way with the cyber initiatives it is putting in place.
However, the Government cannot protect the UK alone. Businesses must understand the cyber threat their organisation faces and take strong protective action themselves.
“A recent PwC study found that UK organisations doubled their information security budgets last year, spending £6.2m on average. But despite this being over one and half times more than their global counterparts (average £3.9m), it’s concerning that they still aren’t seeing the return.
Nearly a fifth (18%) don’t know how many cyber attacks they experienced last year and 17% don’t know the likely source of the security incidents they faced.
“It’s not just about having more budget to buy more technology to patch cyber security holes. UK organisations need to take a more strategic approach to how they spend their increased budgets to start to see a real uptick in security posture.
Getting cyber security right means changing an organisation to be securable and that requires all aspects of a business to be engaged – from tough decisions at a board level, to the consideration of cyber risk in all decision-making processes.
“Only when UK organisations mirror the level of Government initiative and strategic investment will the UK be a secure place in today’s digital world.”