Hacking Costs UK Businesses £34 Billion Annually

by Dave Neal 10 Jun 2015 http://www.v3.co.uk/IMG/009/319009/hacker-laptop-2-540x334.jpg?1434438080 Dealing with hacking attacks is costing UK businesses some £34bn a year, according to a study by the Centre for Economics and Business Research (CEBR) and security firm Veracode.
 
The CEBR said that the £34bn is split between £18bn in lost revenue owing to the attacks and £16bn in extra investment in security systems.
 
This paints a grim picture of the current security landscape and underlines the long-standing view that the technology security battleground is an ever evolving arms race.
 
This divide between spending and benefit is limiting growth, according to the study and its participants, and many suggested that investment could be spent more productively elsewhere.
 
The finger of blame, at least in part, is being pointed at the UK government, which is accused of letting industry down.
 
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