IT Security Comment by Phoebus: report by The Department for Business, Innovation and Skills

The latest Government report commissioned by the Department for Business, Innovation and Skills (BIS) reveals the number of cyber attacks hitting businesses has increased over the last year. It shows that the IT costs of security breaches for companies amounts to billions. The Information Security Breaches survey raises some important issues in the technology industry and raises the importance of maintaining good quality IT software for businesses, both small and large across the board.

Paul Hunt, managing director of Phoebus Software Limited, a specialist in banking technology, said: “Today’s report by the Department of Business, Innovation & Skills suggests the vast majority of UK companies are exposed to a phenomenal number of security breaches, costing billions of pounds a year – a sum that has tripled over the last year. The report shows that companies are now spending 10% of their IT budget on security – up from 8% in 2012 – the highest level ever recorded.  It highlights that the financial services sector is at the cutting edge of the fight against cyber attacks, putting the problem as high up the agenda as the technology sector and the government itself.  We are seeing that reflected in some recent implementations of the Phoebus solution with a stronger focus on IT security today compared with a few years ago. The inherent security of Phoebus solution undoubtedly was a factor in helping us win five new clients in 2012.”