The U.K. government is now taking a major leap forward in urging businesses to take action against breaches which have been happening to both large and small companies, doubling the cost and breaches from previous years.
In the United Kingdom, a recent study has shown that over 74% of smaller businesses have suffered a data breach. Alongside that, 90% of the large companies have also been affected. Because of this, the government finds that it is vital to inform the public and companies about the affect breaches have, including the costs involved.
They report that breaches for larger businesses can cost from £1.46 million to £3.14 million ($4.8 million), up from £600,000 last year. The awareness campaign is being used to explain how detrimental these increased costs can be and how they may deter the growth of any new businesses.
As such, they want companies to see the threat of data breaches as being a very serious problem and in return they can make the changes needed to increase security and prepare just in case problems arise.
The Digital Economy Minister also stated that "the UK's digital economy is strong and growing, which is why British businesses remain an attractive target for cyber-attack." He goes on to say that because of this, companies need to take certain measures to protect themselves and the economy.
The hope is that by increasing awareness, breaches will decrease based upon preventative measure being taken, and therefore costs will decrease.