UK firms face longer recovery after cyber incidents

Fastly's annual global cybersecurity report indicates businesses are experiencing extended recovery times following cybersecurity incidents, now averaging at 7.3 months.

The report, which highlights the cybersecurity landscape in 2024, has revealed that recovery periods have increased by over a month from previously anticipated timelines of 5.9 months. Companies aiming to reduce their cybersecurity spending faced even longer recovery times, averaging 10.9 months and encountering an average of 68 incidents each, significantly higher than those maintaining or increasing their budgets.

These extended recovery times arrive at a moment when weekly cyber-attacks are affecting 32% of businesses within the UK, according to the government's latest Cyber Breaches Survey. As a result of these challenges, 87% of businesses intend to increase their cybersecurity investments within the year, marking an 11% rise from last year. However, concerns remain prevalent, as 50% of cybersecurity decision-makers feel the sophistication of cyber threats has outpaced their preparedness.

Marshall Erwin, Chief Information Security Officer at Fastly, commented, "Full recovery from breaches is not getting any faster. The revenue, reputation, and time lost damages business relationships permanently and drains resources from other areas of the business. With attacks not diminishing and the possibility of further high-profile slip-ups always present, it's crucial that any changes businesses are now making to cybersecurity strategies fit within a holistic plan and aren't knee-jerk reactions."

Recent IT outages have prompted organisations to evaluate their vendor selections and cybersecurity investments with heightened scrutiny. In the UK, 40% of businesses have raised concerns about the quality and reliability of their security software, prompting 29% to consider changing vendors, a figure slightly higher in the US at 37%. Additionally, 86% of businesses have altered their practices in testing and rolling out updates following major reliability incidents.

The report also shines a light on changing dynamics within software security management, with a growing number of decisions influenced by key stakeholders outside conventional security teams. Notably, 20% of respondents identified their organisation's priority as adopting a platform engineering approach to software security, with platform engineering teams deemed responsible for 8% of cybersecurity incidents, juxtaposed with 14% for Chief Information Security Officers and 12% for Chief Information Officers.

Marshall Erwin further stated, "Cybersecurity spending is under the microscope as businesses continue to feel unprepared dealing with an evolving threat landscape. We are seeing a shift towards a shared responsibility for security across organisations, with increased focus on embedding security measures throughout all projects. Companies that bake in security and establish strong partnerships with security organisations early in a product development process are in a better position to deal with emerging threats and recover more quickly from attacks."

This analysis is based on data collected from 1,800 IT decision-makers across various industries and regions worldwide, including the Americas, Europe, Asia-Pacific, and Japan. Interviewees were asked to influence their organisations' cybersecurity strategies in an online survey conducted by Sapio Research in September 2024.