Organisations are not yet ‘cyber ready' despite increased awareness of the risks and impacts from cyber attacks.

The Ponemon Institute research, commissioned by Vistorm, an HP Company, said that despite the rising success of attacks, with many organisations already believing they have been the target of nation-state cyber attacks, only a third have seen an increase in investment to tackle the threat and approximately half say their current budget is inadequate to manage cyber threats.

The survey found that 56 per cent of US organisations and 38 per cent of European businesses believe they have already been the target of a nation-state cyber attack, while 78 per cent of US and 60 per cent of European organisations believe a cyber attack will significantly disrupt their country's mission critical operations in the next two years.

The vast majority of respondents (88.5 per cent) agree that cyber attacks are difficult to detect, correct quickly (86.5 per cent) and lack a solution or patch (82.5 per cent).

Dan Turner, security leader at HP Enterprise Services, said: “Organisations recognise that the threat and impact of cyber crime is significant, and while they recognise the need to be ‘cyber ready', this research reveals that less than half the organisations are sufficiently prepared to combat a cyber attack.

“HP recognises that businesses and governments need to balance transparency and confidentiality to meet this new age of cyber security and therefore has used the research to develop a tool to help our clients assess their own level of cyber readiness. We are using this together with our broad portfolio of security solutions, services and products to raise the cyber readiness of our clients.”

The ‘Cybersecurity Readiness Tool' will help organisations understand where they stand relative to an aggregated average of other companies and identify their specific risks.