UK companies overconfident about their cyber security

Although data breaches have increased in the UK, decision-makers in organisations believe that their cyber security is optimal, according to a recent survey conducted by Ovum, a research and consultancy organisation, for US-based analytics company FICO.

The survey found that 75% of senior executives in the UK feel that their organisation’s cyber security is better than their competition’s. This is an increase from 12 months ago, when 60% of decision-makers had the same opinion. Overall, 43% of senior executives said that their company is a top performer when it comes to IT security.

While UK organisations have high confidence levels, merely 36% of organisations have conducted regular risk assessments concerning their cyber security.

Steve Hadaway, General Manager for Europe, Asia and the Middle East at FICO, said that the figures from the research show that some organisations in the UK do not know how they stand in comparison to their competition. This could result in less investment in IT security.

Mr Hadaway pointed out that most UK companies’ cyber security is not above average.

The research revealed that overconfidence about cyber security is visible across the 11 countries surveyed – the UK, Canada, the US, India, Norway, Brazil, Finland, Mexico, Germany, South Africa and Sweden.

In the UK, financial services companies have the highest level of confidence, with 55% saying that their IT security is top-notch. Additionally, 41% said that their organisation’s security is above average.

The least confident industries regarding their cyber security protection are e-commerce and retail, with 38% of the surveyed companies saying that they are top performers and 19% saying that they are above average.

Mr Hadaway said that consumers’ privacy is at risk, so organisations should honestly review their efforts to protect the data that they store and adopt measures accordingly.

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