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Shift in cyber security strategy for UK businesses due to coronavirus

A new report by PwC has revealed that the immediate shift to digital technologies brought about by the coronavirus pandemic has reinforced awareness of the importance of cyber security for UK businesses.

The Cyber security strategy 2021 paper shows that 96 per cent of UK respondents said that they will shift their cyber security strategy due to the virus, with approximately half of respondents saying they are more likely to consider cyber security in every business decision. Additionally, a third of UK respondents now plan to accelerate their digitalisation plans due to the pandemic.

With more than half of UK respondents citing an attack on cloud services as the most likely event to impact their industry in the next year, the research also found that a majority of organisations lack confidence in their cyber spend, with just 38 per cent of UK respondents being very confident their cyber budget is allocated to the most significant cyber risks, compared to 44 per cent globally.

Despite doubts over whether businesses are getting the best return on their cyber spend, 56 per cent of UK respondents are planning to increase their cyber budgets in 2021.

Richard Horne, cyber security chair at PwC, said: “It's surprising that so many organisations lack confidence in their cyber security spend. It shows businesses need to improve their understanding of cyber threats and the vulnerabilities they exploit, while changing the way they think about cyber risk so it becomes an intrinsic part of every business decision.”

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