UK must boost cyberdefenses to boost economic growth, Microsoft says

EditorLast Update :
UK must boost cyberdefenses to boost economic growth, Microsoft says

Following the recent cyberattack against several NHS hospitals in London, Microsoft has released data that shows the UK economy could struggle to grow if it does not address the weak cyber defenses across UK organizations.

Nearly two-thirds (65%) of the UK’s senior financial services executives believe the economy is threatened by poor cybersecurity according to the data.

Furthermore, only 13% of UK organizations were rated as “resilient” to cyber crime, putting all sectors increasingly at risk of succumbing to an attack.

All sectors under threat

Speaking on the results, general manager of financial services at Microsoft UK, Theo Michalopoulos, said (via CityAM), “The financial services sector is crucial to the British economy. Not only as one of our largest industries, but also for its contributions to the UK’s economic infrastructure, job market, trade balance and overall fiscal health. It is critical to UK growth that our financial sector is protected from cyberattacks and we know this is a core priority for our customers.”

As cybercriminals increasingly turn to AI as a means to bolster their ability to attack more effectively, many cybersecurity experts have urged organizations to adopt AI as part of their cybersecurity toolkit, with the technology boasting increased efficiency and reducing costs, with data showing that the benefit to the economy could be as much as £52 billion every year.

“The research shows many reasons for financial institutions to integrate AI as part of their regular cyber defences, making sure the industry is protected against future threats and able to defend itself accordingly.”

“This will ensure the sector has its best foot forward when it comes to cyber defence and encourage continued growth and success,” Michalopoulos concluded.

More from TechRadar Pro