British gov't urges business to raise awareness of growing cyber threat

The average cost of the most severe online security breaches for big business now starts at 1.46 million pounds (about 2.22 million U.S. dollars), up from 600,000 pounds in 2014, according to British government research published on Tuesday.

For small and medium-sized businesses, the most severe breaches cost can now reach as high as 310,800 pounds, up from 115,000 pounds in 2014, the report said.

The report also showed that 90 percent of large organizations reported they had suffered an information security breach, while 74 percent of small and medium-sized businesses reported the same.

"The UK's digital economy is strong and growing, which is why British businesses remain an attractive target for cyber-attack and the cost is rising dramatically. Businesses that take this threat seriously are not only protecting themselves and their customers' data but securing a competitive advantage," said British Digital Economy Minister Ed Vaizey.

"I would urge businesses of all sizes to make use of the help and guidance available from government and take up the Cyber Essentials Scheme," he added.

Andrew Miller, cyber security director at PwC, said: "With nine out of 10 respondents reporting a cyber breach in the past year, every organization needs to be considering how they defend and deal with the cyber threats they face." (1 pound = 1.52 U.S. dollars) Endit