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."

Featured Resources

Unlocking collaboration: Making software work better together

How to improve collaboration and agility with the right tech

Download now

Four steps to field service excellence

How to thrive in the experience economy

Download now

Six things a developer should know about Postgres

Why enterprises are choosing PostgreSQL

Download now

The path to CX excellence for B2B services

The four stages to thrive in the experience economy

Download now

Recommended

How to encrypt files and folders in Windows 10
encryption

How to encrypt files and folders in Windows 10

9 Apr 2021
The definitive guide to IT security
Whitepaper

The definitive guide to IT security

9 Apr 2021
Evidence suggests REvil behind Harris Federation ransomware attack
ransomware

Evidence suggests REvil behind Harris Federation ransomware attack

9 Apr 2021
Fujitsu taps Trend Micro to secure private 5G networks in smart factories
5G

Fujitsu taps Trend Micro to secure private 5G networks in smart factories

8 Apr 2021

Most Popular

Microsoft is submerging servers in boiling liquid to prevent Teams outages
data centres

Microsoft is submerging servers in boiling liquid to prevent Teams outages

7 Apr 2021
Hackers are using fake messages to break into WhatsApp accounts
instant messaging (IM)

Hackers are using fake messages to break into WhatsApp accounts

8 Apr 2021
How to find RAM speed, size and type
Laptops

How to find RAM speed, size and type

8 Apr 2021