Multibillion web security price tag ‘limiting’ UK innovation

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15 June, 2015

Defending Britain against cyberattacks and repairing the damage done by hackers who penetrate security systems is reportedly costing businesses billions of pounds a year.

According to a recently published survey by Veracode and the Centre for Economic and Business Research (CEBR), the cost to UK enterprises, both from the threat and lost revenue of cyberattacks, has reached £34bn.

In a world connected by powerful technology, the potential for utilising this network for product innovation and advancement is huge. However, the perception of this connectivity as “a silver bullet” is masking the risk of exposure to cyberattack.

Many companies are becoming reluctant to access new applications and advanced systems, which would otherwise allow their organisations to grow, because of the threat of hacking and data espionage.

In addition to the revenue lost through such criminal actions, due to increased spending on IT security and the cost of recovery from an attack, it was also stated that there is also less money available to fund innovation in business. Also, alongside restrictive cyber defence policies, innovation is reportedly suffering, which makes the threat of cyberattack a concern to industry leaders.

Veracode’s director of enterprise security, Adrian Beck, suggested:

“Both businesses and government need to balance regulation and compliance with the need to innovate.”

Doing so safely should be the goal of any organisation and, if your company is concerned about balancing the need for a robust cyber defence strategy without compromising on connectivity, Ten Ten Systems can help you with your network security.

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