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Falanx Group Ltd

Are UK mid-market boards ignoring the £30 billion cyber risk?

New research from Grant Thornton UK LLP finds that cyber attacks are a clear and present danger for mid-market businesses in the UK, but boards are not effectively prepared to manage the risk.

In the last 12 months, the total cost of cyber security breaches to UK mid-market businesses has reached at least £30 billion. And, yet, 63% of UK mid-market businesses do not have a board member responsible for cyber security. Something doesn’t add up, especially considering the financial cost to businesses of ignoring the UK cyber risk:

More than half (53%) of the companies interviewed reported losses equivalent to 3-10% of revenue following a cyber breach. For those businesses hit most severely, losses can reach up to 25% revenue — 6% of the businesses surveyed reported a loss of this size (11 to 25% of revenue).

Falanx Group Ltd (LON:FLX), through its subsidiaries, provides cyber defence and intelligence services to blue chip and government clients worldwide. It operates through Falanx Cyber Defence and Falanx Intelligence divisions. 

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Disclaimer: Statements in this article should not be considered investment advice, which is best sought directly from a qualified professional.