UK firms are facing an unprecedented number of cybersecurity threats, according to new research from cloud computing specialists iomart.

Senior executives have admitted that they are not confident of their organisation’s ability to deal with this ongoing increase.

That is according to the ‘The State of Cyber security in the UK’ report, in partnership with Oxford Economics, a specialist in global economic forecasting and econometric analysis.

The report surveyed 500 UK-based cybersecurity strategy decision makers and showed that organisations faced an average of 24 incidents relating to cybersecurity threats in the last year. That figure increases significantly in certain industries like finance (41) and insurance (40).

Almost half (47%) of all the organisations polled cited a shortage of skills as a major challenge to achieving cybersecurity goals. In fact, skill shortage was the most common challenge, coming in ahead of too many products on the market (45%) and budget limitations (40%).

Phishing (62%) and malware (57%) represent the greatest concerns among respondents, but only half of those polled said they were confident in their organisation’s ability to handle these threats.

Most organisations have taken steps to implement a stronger cyber strategy such as investing in new technology. However, less than half say these investments have been effective in mitigating cyber breaches.

Additionally, the volume and complexity of data being handled by organisations continues to increase and issues are exacerbated by the Covid-19 inspired rise in flexible working continuing post-pandemic.

Some 49% of participants cited the increased volume of data as a challenge, with changing business models being called out by 45% of the organisations polled. Increased pace of technology (43%) also featured, as effects from the pandemic have complicated organisations’ ability to protect themselves from cyber threats.

Reece Donovan, chief executive at iomart, said: “The changes we have all experienced in the last three years have left a lasting mark on the business landscape. There are few places we are seeing that more prevalently than cybersecurity.

“The ‘State of Cyber Security in the UK’ report shows an ongoing increase in the number of breaches being suffered by organisations. And the results indicate there’s no one single reason for this. However, the data in the report clearly highlights the post-pandemic changes to the way we do business as contributing factors.

“The barrier to entry for cyber criminals is much lower than it ever was. Someone can set up a devastatingly effective ransomware business from their bedroom, for as little as £50. This means that all organisations, irrespective of their size, are now potential targets.”

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In total, 40% of respondents highlighted budget or cost limitations as a top challenge when it came to meeting cybersecurity goals.

When looking to the future most of the respondents have plans to invest further in emerging technology and expertise.

More than half (52%) are looking to invest in third-party consultants over the next two years. Future tech investments focus on private cloud storage (81%), automation (77%), and artificial intelligence (72%).

Donovan continued: “The report also shows a higher than expected number of breaches. It indicates that organisations are facing a greater volume of threats than ever before.

“These threats are far more complex and difficult to defend against than we’ve ever seen. This results in a great deal of uncertainty.”

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