The report “The State of Cyber Security in the UK 2023” covers a wide range of topics related to cyber security, including the evolving threat landscape, budgetary constraints, the importance of technology and talent, and industry trends.
On cyber insurance:
The increase in cyber insurance premiums is ranked as the top change over the past two years, with 70% of respondents noting a rise and just 4% seeing a decrease.
Budgetary constraints hamstring efforts to improve cyber posture, with more than a quarter (27%) of organizations thinking their current cyber security budget is inadequate to protect them from emerging threats fully.
The report also found that:
Threats are constantly evolving, with phishing and malware remaining the greatest concern to executives.
Keeping pace with threats is more important than ever, but organizations are struggling to do so due to a variety of factors, including tight budgets, a lack of skilled cybersecurity professionals, and the complexity of the threat landscape.
Organizations are looking to improve their cyber postures by investing in vulnerability assessments, penetration testing, and red team engagements. However, they also need more money to implement their cyber security plans fully.
Overall, the report highlights the importance of cyber insurance in helping organizations to mitigate the financial risks associated with cyber attacks. However, it also raises concerns about the rising cost of cyber insurance and the challenges that organizations face in securing adequate budgets for their cyber security programs.
Download the Report Here: The State of Cyber Security in the UK 2023/24