The Cost of Cybersecurity Breaches Doubles in the U.K.

The average cost of the most severe online breaches for large companies now starts at about $2.24 million, up from about $921,000 last year, according to data released Tuesday by the U.K. government.

The number of security breaches in the U.K. has continued to increase with 90% of large companies reporting breaches, up from 81% last year, according to the 2015 information security breaches survey, which is conducted annually by the U.K. government and PricewaterhouseCoopers LLP.  As the frequency and scale of attacks continue to rise, spending on security is not keeping pace. About 44% of large companies said they increased information security spending in the last year, down from 53% of respondents from the previous year.

The U.K government has published 10 steps to cyber security for large companies. In 2015, about one-third of organizations used these guidelines, up from just over one-quarter last year, according to the survey. Those steps include assessing cyber risk to information assets, educating users about security and managing worker access to systems. Other technical guidelines include securely configuring IT systems, enforcing network security, managing incident response, monitoring systems and protecting systems from malicious software.

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