Despite the pending regulations being widely publicised, only 47 percent of UK businesses are fully aware of the EU General Data Protection Regulation (GDPR).
LogRhythm, Gigamon and ForeScout Technologies joined forces to carry out new research into UK cyber-readiness, C-level concerns and the biggest threats to business security today. Survey results were gathered from 2000 IT professionals.
Only 40 percent of UK businesses are fully aware of the NIS Directive. Like EU GDPR, the Directive comes into effect in 2018. Furthermore, only 33 percent of businesses feel they are currently prepared to meet both regulations.
More than half of respondents (54 percent) are concerned about the impact that Brexit will have on cyber-security regulations.
“Having the ability to detect an attack as soon as it happens will be key to staying compliant with the new regulations. With fines of up to four percent of their global turnover at stake, businesses simply cannot afford to take the ‘wait and see' approach,” said Ross Brewer, vice president and MD EMEA at LogRhythm.
Forty-four percent are aware that they have suffered a data breach, with 69 percent of these businesses losing sensitive data as a result. Eighty percent believe their confidential data may be vulnerable to attack.
While 96 percent believe visibility into their networks is important, 74 percent think that they must improve their detection, prevention and response capabilities.
“British businesses must act now to reduce their security risks by having visibility of devices when they connect to the network. With the increasing number of traditional and Internet of Things devices connecting to the network, the need for visibility is stronger than ever as bad actors are using these devices as the path of least resistance,” said Myles Bray, VP sales, EMEA at ForeScout.
Forty-two percent of businesses see malware as a top threat, however 34 percent of those asked believe stolen credentials has become the biggest threat to business security.
Just over half (52 percent) of businesses use more than five security suppliers, with 82 percent wanting security vendors to offer more complementary products and collaborate more effectively to fight hackers.
Trevor Dearing, marketing director EMEA at Gigamon commented, “It's our responsibility, as leaders in our field, to join forces so that they can maximise their data and investments as much as possible. After all, the cyber-criminals are increasingly pooling resources and working collaboratively – so why shouldn't we?”