The advent of the GDPR is changing the data security landscape – 80% of UK firms have made changes to their approach to cyber security since the regulation was introduced, according to insurer Hiscox in its third annual Cyber Readiness Report.
The firm surveyed more than 5,400 private and public sector organisations across Europe and in the US – 55% of UK firms faced a cyber attack in the last year, compared with 40% the previous year; overall across the study, 61% of organisations said they had been targeted, with German firms hit the hardest.
But almost three quarters of firms were ranked as “novices” in terms of cyber readiness, and in the UK spending on cyber security is lower than average at $900,000 against an average of $1.45m.
The UK and the US were least likely to have a defined role for cyber security on their staff.
However, Hiscox also found the average cost of an attack in the UK was lower than average at $243,000, compared with $906,000 in Germany and $486,000 in Belgium.
Data breach expert Steven Murray said: “GDPR has focused businesses’ minds on the security issues generally. The report makes it clear that cyber security is a growing problem for a wide range of companies, and if we see more firms taking action, even at a low level and a relatively low cost, that is encouraging.”
For practical advice from Steven on how to handle a data breach, as well as expert guidance from a range of speakers on protecting your brand, how Brexit will affect GDPR and how GDPR will affect your people, join us at our ‘GDPR – One Year On’ event at Hilton Puckrup Hall Hotel, Tewkesbury, on May 14. For more details and to attend, visit https://www.hcrlaw.com/event/gdpr-one-year-on-where-are-we-now/