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 the 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

 

 

 

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