British businesses are consistently failing to take their own cyber security seriously enough, and many are actively covering up cyber attacks, according to a study conducted by the Institute of Directors (IoD) and Barclays.
The IoD surveyed 1,000 of its members in December 2015 and discovered that only 28% of cyber attacks were being reported to the police, even though half of attacks were causing disruption to business operations.
The Cyber-Security: Underpinning the Digital Economy report warned that the scale of security threats facing businesses was being widely underestimated, with 70% of respondents saying they had received bogus invoices via email in a phishing attack attempt.
The IoD’s report reinforced the findings of a recent survey by security firm Carbon Black, which claimed that UK CIOs tended to be over-confident about their cyber security arrangements.
The IoD found that only 57% had a security strategy in place, despite 91% saying security was important, and only 20% were insured against the possibility. Awareness of services set up to help tackle cyber criminals was also worryingly low, with 68% unaware of the existence of the Action Fraud Aware crime reporting service.
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