Cybersecurity Spending Doubles Threat Growth Sees UK Businesses Spend More On Security

As the threat of cybersecurity grows in the U.K. companies are reported to be spending twice as much to prevent their businesses from being targeted, reports City A.M.

In 2016 budgets spent on cybersecurity more than doubled compared to that spent in 2015. It’s reported that, on average, the budget rose to £6.2 million per business as the threat of cyberattacks continued to increase.

According to a PwC’s yearly Global State of Information Security Survey, the cost of preventing cyberattacks and security breaches on businesses has grown by more than half to £2.6 million. Despite interviewing over 10,000 executives from 133 countries, the survey found that U.K. companies spend 60 percent more on cybersecurity compared to other countries.

Not Enough Being Done

Yet, while there has been a rise in the cybersecurity budget it seems as though more still needs to be done to prevent companies becoming an easy target.

City A.M. reported that nearly one in five businesses don’t know how many times they have been hacked over the last 12 months. Those that do saw the average number increase by a quarter to 5,792 per business.

Hackers Target the US

Countries such as the U.S. are often targets of cyberattacks too.

Earlier this year, U.S. President Barack Obama is reported to have said that the White House has been the target of hacking incidents. He revealed that the cybersecurity measures and controls in place weren’t enough and that the government had to do better.

In recent months hacking in the U.S. has gained prominent attention. Democratic presidential candidate Hillary Clinton was in the news after it was revealed that her emails had been hacked.

Last month, Romanian hacker Marcel Lehel Lazar was sentenced to 52 months in prison, claiming that hacking into Clinton’s emails had been ‘easy.’

Naturally with cyberattacks continuing to rise and no sight seen for its abatement just yet, more needs to be done to tackle what is a growing problem.

Of course, even if companies are spending more on protecting their businesses yet failing to know exactly how many times they are being targeted by hackers, how does this help them in the long run?

Featured image from Shutterstock.