INTELLIGENT BRANDS // Enterprise Security

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 .” p

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