Hack Attacks on UK Businesses Cost Investors £42bn
A typical FTSE 100 firm is worse off by an average of £120m after a hack or breach.
- Risks relating to cyber security have risen to the top of the corporate agenda in recent years but few company leaders are aware of the full extent of the possible damage that data breaches can cause.
- A new study commissioned by cyber security firm CGI and conducted by Oxford Economics, has found that companies’ share prices fall by an average of 1.8 per cent on a permanent basis following a severe breach – where large amounts of sensitive information are
- This means a typical FTSE 100 firm is worse off by an average of £120m after a breach, according to the
- Oxford Economics compiled the data using the Gemalto Breach Index – a register of publicly disclosed cyber security
- Some 315 breach events were examined in total with a focus on 65 “severe” and “catastrophic” breaches occurring since 2013 across seven global stock exchanges. The analysis found that investors have lost at least £42bn due to severe public domain cyber security incidents since 2013.