It has been claimed in a recent report carried out by Allianz Global, that cyber-crime in the UK is costing businesses around £2.8 billion annually.
It has also been reported that cyber-crime also accounts for 16% of gross domestic product (GDP). At a total annual cost of £289.6, the global economy will subsequently be impacted by cyber-crime devastation in the UK.
Due to the significant number of cyber-security attacks, the insurance sector is predicted to have a value of more than £13 billion worldwide by 2025. Allianz Global's report states that risks are now growing above and beyond privacy issues.
Currently, it is estimated that only 10% of UK companies have a cyber-security policy, which indicates that the majority are at risk of attacks.
In order to prevent potentially costly breaches, UK businesses need to place more of a focus on instilling the correct cyber compliance measures, and ensure they have the system hardening software to accompany it.
You can read the full article on SC Magazine UK here.