Too many firms unprepared for cyber attack risk

MANY businesses in Wales lack the readiness to meet cyber security threats while also underestimating their potential costs, according to new research.

- SION BARRY Business editor

Undertaken by Bridgend-based managed services provider CSG, the research focused on firms across construction, manufacturing, professional services, retail, public services and tourism.

It reveals that two-thirds (66%) have already experienced a cyber security incident. Typically, these have included hostile software (malware and ransomware) and service disruption.

The data also shows that micro-businesses with nine or fewer employees are almost as likely (66.7%) as organisations employing between 10 and 249 people (75%) to have faced a cyber attack.

Additionally, more than one in three respondents (33.8%) believes it to be highly likely they will face a cyber security incident over the next 12 months. Expanding the responses to reflect those who believe the threat is at least moderately likely increases the total to 93.3%.