Risk of cyber attack high as firms cut IT budgets, say researchers

UK companies are putting themselves at risk of cyber attack by cutting IT budgets in the recession, say researchers.

More than half...

UK companies are putting themselves at risk of cyber attack by cutting IT budgets in the recession, say researchers.

More than half of retailers have cut their IT security budgets as a direct result of the credit crunch, a survey earlier this year by Deloitte revealed.

The survey showed that more than a third will cut security spend next year, despite most being victims of cyber attacks.

The number of cyber attacks targeting UK businesses has shot up in recent months, according to research for security firm RSA.

RSA's anti-fraud command centre in Tel Aviv, Israel is tracking more than 100 active attacks on companies around the world, according to Sky News.

The UK is second only to the US in the number of businesses and organisations targeted by cybercriminals, accounting for 20% of world attacks in the past month.

Despite the increase in attacks, RSA has found that a growing number of companies are reducing or freezing investments in IT security.

Smaller and medium-sized business may be most at risk as they come under increasing financial pressure, said RSA.

Security experts warn that businesses cutting back on their technological security are playing a dangerous game.

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