New research into FTSE 100 annual company reports has uncovered key insights into the cybersecurity priorities of the UK’s largest corporations.
The research from Veritas Technologies, a leader in secure multi-cloud data management, also reveals a significant focus on ransomware among financial services organisations, with ransomware mentions in annual reports skyrocketing by 88% between 2020-2022.
Veritas’ research, which reviewed FTSE 100 annual reports over the last three years to identify the main priority areas of the UK’s biggest enterprises, indicates that cybersecurity is becoming an increasing focus area for FTSE 100 companies, with annual reports seeing a 41% rise in mentions in the last three years, including 854 mentions in 2022.
This follows a recent report by Parliament’s Joint Committee on the National Security Strategy (JCNSS), which claims that the UK is at high risk of a ‘catastrophic ransomware attack’ that could ‘bring the country to a standstill’ because of poor planning and a lack of investment.
Of the FTSE 100 industries reviewed, financial services organisations appear to be taking cyberthreats the most seriously. Mentions of ‘cyberattack’ in the sector’s annual reports have increased by 55% in the last three years, with 135 mentions in 2022. As a highly regulated industry, responsible for holding vast amounts of personal information on individuals and businesses, financial services organisations have historically been a key target for cybercriminals.
However, it’s not just Britain’s biggest banks and insurance companies which are taking cyberthreats seriously: mentions of cyberattacks in FTSE 100 annual reports have risen by 55% across the board in the last three years. According to the UK government, 77% of businesses now see cybersecurity as a high priority. Industrial companies have been significantly more focused on cyberattacks during 2021 in comparison to 2020 and 2022. This could be attributed to rapid developments in technology and the Digital Transformation of supply chain, post-COVID-19 pandemic.
Barry Cashman, Regional Vice President, UKI at Veritas, said: “Advances in emerging technologies such as Artificial Intelligence, mean that cyberthreats are evolving faster than ever before. Previous Veritas research revealed that more than half (51%) of UK businesses have fallen victim to at least one ransomware attack in the last two years, while 70% believe data security risks have increased over the last 12 months.
“Cyberattacks can have devastating financial and reputational repercussions, potentially even forcing many to the brink of insolvency. It’s clear the UK’s largest corporations are prioritising efforts to bolster their security postures. In the year ahead, it’ll be equally important to see better collaboration between the UK government and private industry in tackling cybersecurity threats and improving the UK’s cyber-resiliency.”