Cybercrime is a significant threat to businesses of all sizes, not just larger corporations. It especially affects businesses that depend on computerized technology to conduct their daily business. So investing in cybersecurity to protect businesses and data from malicious cyber-criminals and hackers isn’t just desirable. It’s absolutely essential to maximize resistance against threats. Technologies such as big data and the way businesses of all types and sizes capture data through various means such as via their websites, as well as by way of POS technology in retail settings, mean a mass of sensitive information is being held by organizations. That’s clearly information that cyber-criminals are keen to get their hands on. From phishing, malware, viruses, general data theft and disruption of service attacks, the threats are diverse and plentiful, and all have the potential to severely disrupt a business’s operations. The cost of recovering from a severe security breach can run into millions of dollars and no-one is immune; many household name companies have suffered security issues.

Take a look at the average investment in cybersecurity in the Last financial year by business sector grouping in the UK, 2019:

• Finance and insurance are ranked as the top business sectors that invested in cybersecurity in the last financial year with an average of £22,050.
• Health/social care and social work are ranked as the second top group of industries invested in the last financial year in cyber security with an average of £16,800.
• Information and communications come at next as a group of industries that invested in cybersecurity in the last financial year with an average of £15,400.
• Transport and storage also listed as a group of industries invested in cybersecurity in the last financial year with an average of £7,730.

A Graph Shows The Average Investment in Cyber Security in The Last Financial Year by Business Sector Grouping in the UK, 2019.