Growth in IT security spending in the UK is falling way behind the rest of the world, research has found.
A global study of 13,000 executives and IT professionals (including 640 UK respondents) finds that 31 per cent of UK companies plan to increase their outlay on information security this year. This compares to a worldwide total of 52 per cent.
The research, carried out by PricewaterhouseCoopers (PwC) alongside CIO and CSO magazines, also reports that about two-thirds of UK firms feel their outsourcing and supply chain partners have been weakened by the recession.
It seems businesses in the UK would rather protect themselves with insurance than with technology, with 38 per cent buying a policy covering theft or misuse of data. More than 30 per cent of all UK firms have claimed on such a policy, compared to 13 per cent of companies worldwide.
UK firms are also ill-prepared for the potential security threats of social networking and other Web 2.0 exchanges, with just 32 per cent claiming they have deployed appropriate security technologies to counter such threats. This compares to a global total of 60 per cent.
William Beer, director of PwC's OneSecurity practice, claimed UK firms' reticence to splash the cash on security technology could endanger their most confidential information. He also attempted to throw light on the potential perils of social networks.
“Lack of focus on social networking can expose organisations to a variety of risks, including loss or leakage of information, damage to a company’s reputation, illegal downloading of pirated material, and identity theft," he explained. "It is not a passing fad and the real challenge will be how to integrate it with the more well-established operational models.”
Infrastructure provider says international sales now make up 51 per cent of its revenue
Suzanne Chappell of TMS plans sailing venture after selling Oxfordshire-based TMS to acquisitive Chess
Withdrawal of credit insurance by some providers a 'reflection' of current challenge facing IT sector, according to MD Steve Soper
SMART's UK managing director joins Lenovo to boost SMB business