New research released by Securicor Security highlights a growing disparity between increasing security threats and the money spent by businesses to counteract them, the firm says.
According to the survey, 88 per cent of respondents believe the security risk to their business is increasing. However, 63 per cent of those surveyed say their security budget has not increased in line with this threat. Securicor surveyed security managers from leading financial institutions and FTSE listed corporations.
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The research reveals that almost a third of companies (31 per cent) have experienced a serious security incident in the first quarter of 2004.Incidents reported included activist group activity, terrorist attacks, kidnap and ransom. Of those surveyed 50 per cent viewed pressure on security budgets as the greatest barrier preventing their business from adequately preparing to deal with security risks.
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What they say
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Douglas Greenwell, Marketing Director of Securicor Security, said: "It is surprising that security budgets are not growing at a time when the perceived security risk is increasing. It is important that there is board level recognition of the importance of a cohesive security strategy. When deciding security budgets companies need to consider not only the primary costs of any incident, the costs to damaged property or assets, but also the consequential costs. For example, loss of reputation, or damage to a company’s brand, can have a far greater and long term impact than physical damage to a building or facility." The top three security risks facing modern businesses identified by the survey were loss of sensitive company data, terrorist attacks and computer hacking or viruses.
