IT defences cost UK business £3bn a year

UK firms are expected to have invested an eye-popping £3 billion in IT security this year, according to consultancy firm PwC. Spending is also projected to continue rising at 10 per cent a year for the next three years.

PwC's latest report on the cyber security industry claims the increasing use of mobile devices and acceptance of cloud computing, combined with the growing threats those trends bring, are driving IT chiefs to spend more of their budget on IT security.

“Growing threats and awareness, and changes in technology such as mobile devices and cloud computing, are key drivers of spending growth in the cyber security market,” said Barry Jaber, PwC's security industry leader.

The report follows hot on the heels of a separate study by PwC, released this week, which highlighted the growing threat of cyber crime to UK businesses.

Nearly a quarter of UK businesses polled by PwC said they have been affected by more than 10 incidents of economic crime during the past year.

Cyber crime was the third most common type of crime reported.

Four out of ten firms reported that they lack the capabilities to detect and prevent cyber crime affecting their business.