Half of companies think skills gap poses a security risk
However, more than one third of businesses said they don't have the confidence to detect attacks
More than half of companies don't think they have the skills or resources to fight cyber crime or tackle other IT security risks, research has found.
What's more, 46 per cent of firms say they don't have the budget to secure their organisation, while almost one third blame their inability to prepare on a lack of executive awareness or support.
"As we have seen in recent months, cyber security attacks on UK organisations are becoming increasingly sophisticated and all too frequent," said Mark Brown, executive director of Cyber Security and Resilience EY UK and Ireland, which conducted the research.
"Our survey results show that companies are worried that their cybersecurity resources, both in terms of skills and budget, are not sufficient in this current environment and that is a dangerous threat not only to their technology, but also to their bottom line."
The UK-based executives questioned by EY went on to say they thought criminal syndicates were the biggest threat to business, while their own employees came in second, with 63 per cent saying they felt workers could attack their company.
However, companies are now recognising the threats and are investing in systems and software to prevent criminals infiltrating their organisation. EY said 52 per cent are preparing to increase spending by up to 25 per cent in order to address the risks.
"While businesses, government and individuals are focusing on the significant opportunities and benefits of the digital world, they may be overlooking the necessary precautions and underestimating the long-term risks of deceptively subtle cyber breaches," Brown added.
"Preparation is absolutely critical, and organisations should examine their operations holistically to determine where attackers gained or are attempting to gain access to data."
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