Recent Release | 17 Oct 2023

Security’s Lament: The state of cyber security in the UK 2023-24

Thought Leadership Team

Oxford Economics

To take the pulse of cyber security, Oxford Economics and iomart surveyed 500 executives responsible for their organisation’s cyber strategy. The sample includes executives from a range of industries—most with more than 1,000 employees—all based in the UK.

The survey revealed these key takeaways:

Budgetary constraints hamstring cyber strategies in the face of increased incidents. A majority have an inadequate budget to fully protect their organisations at a time when many cite the increased cost of remediation as a major challenge. Rising insurance premiums can add to already strained budgets.

There is a promising future for cloud and automation within cyber strategies. Businesses are increasingly investing in such technologies to bolster cyber security. With many concerned by shortages in their internal cyber skills and awareness, these technologies are seen as particularly pertinent given their importance to email screening and automated resolutions.

While deploying the appropriate technology is crucial, effectively leveraging it requires the right people. The security skills gap yawns large and remains the biggest challenge for most cyber strategies. With internal skills and resources lacking, organisations face a major hurdle. To combat these obstacles and get the most from their tech investments, executives plan to invest in employee training while also hiring in-house specialists and third-party consultants.

Teri Robinson

Managing Editor, Thought Leadership

Kayla Luparello

Research Manager, Thought Leadership

Maximilian Douglas Carl Vickers

Research Associate, Thought Leadership

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