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Cost of cyber attacks on British companies rises: Survey

Published on Apr 29, 2014 7:10 AM

LONDON (REUTERS) - The financial damage to British companies from cyber security breaches has doubled in the past year, according to a government-commissioned survey released on Tuesday.

Though the number of companies hit by information security breaches was down on the previous 12 months, the survey found that the severity and impact of attacks has increased.

The average cost of the worst cyber security breach for big companies was between 600,000 pounds (S$1.27 million) and 1.2 million pounds, up from 450,000 pounds to 850,000 pounds in the 2013 survey.

Cyber attacks on companies in Europe and the United States have increased in regularity and severity in recent years as "hacktivists" and criminals become increasingly sophisticated, requiring businesses to strengthen their defences.

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