Computer problems cost more than pounds 1bn
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.BRITISH business loses more than pounds 1.2bn a year through breaches in computer systems security, according to a report by the Department of Trade and Industry, writes Mary Fagan.
The problems include failure of computer equipment, computer viruses, fraud, power failure, and use of software that has not been tested.
The survey shows that 80 per cent of the 832 companies surveyed have suffered a breach in computer security in the past two years at an average cost per incident of pounds 9,000. The largest single bill reported was by a company hit by a pounds 1.2m computer fraud. The most expensive virus attack infected more than 200 personal computers at a direct cost of more than pounds 100,000.
In one case, a sick employee entered data 90 per cent of which was correct and 10 per cent 'garbage' over a period of time. As a result incorrect financial information was given to banks and customers. The company put the immediate cost at pounds 50,000. The long-term cost was put at pounds 2.5m.
The costs of breaches include loss of business, repairing damage, and reinstating data. Many companies do not have contingency plans and of those that do, a significant number do not test them regularly.
The report also shows that half of the companies use some remote computer-based workers, which adds to security problems, but the majority have not yet taken extra precautions.
Patrick McLoughlin, the trade and technology minister, said: 'Information technology security is becoming a serious issue for almost all organisations. Every organisation which uses computers is potentially at risk.' He urged companies to take guidance from the DTI, which has produced a code of practice on the issue.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments