More than a third (34%) of businesses in the technology, media and telecoms (TMT) sector in the UK became victims of at least one cyber incident or breach, research has found. The findings are part of new analysis into the UK TMT sector by business insurer Hiscox, using data from the Hiscox Cyber Readiness Report 2020, now in its fourth year.
Phishing incidents (53%) were the most prolific events among companies in the sector, while ransomware infections where the business was able to recover from a backup was the most frequent breach (23%).
According to analysis, the TMT sector lost a median of $39,600 over the last 12 months from cyber events – an indication of the large scale impact threats are having on the industry. Despite this, TMT remains self-assured in its skills, with 67% of firms confident in their cyber readiness, and 85% equipped with a dedicated team or leader in cybersecurity.
However, compared to other sectors, TMT has been putting more into building cyber resilience through spend. Their priorities over the next 12 months involve investing in end-user malware detection (54%), and achieving and maintaining regulatory compliance (54%).
Tech firms have also upped the amount of IT budget spent on cybersecurity by more than $1,000,000 in 2019, in comparison to the previous year.
Stephen Ridley, Hiscox UK Cyber Underwriting Manager, said: “Research shows that the UK tech sector is far from exempt when it comes to major cybersecurity threats. Proving that even for those sectors most equipped to deal with threats, vulnerabilities should never be overlooked. The industry is, however, following best practice and building resilience through spending priorities and dedicated cyber roles. The findings are a reminder that firms should always look to shift cyber strategies and improve resilience capabilities.”