Britain’s biggest businesses prioritising cybersecurity in response to escalating threat landscape

FTSE 100 enterprises increasingly focused on ransomware in annual reports, with mentions rising by 38% in the last three years.

  • Thursday, 11th January 2024 Posted 11 months ago in by Phil Alsop

New research into FTSE 100 annual company reports uncovers key insights into the cybersecurity priorities of the UK’s largest corporations. The research from Veritas Technologies, the leader in secure multi-cloud data management, also reveals a significant focus on ransomware among financial services organisations, with ransomware mentions in annual reports skyrocketing by 88% between 2020-2022.

Veritas’ research, which reviewed FTSE 100 annual reports over the last three years to identify the main priority areas of the UK’s biggest enterprises, indicates that cybersecurity is becoming an increasing focus area for FTSE 100 companies, with annual reports seeing a 41% rise in mentions in the last three years, including 854 mentions in 2022.

This follows a recent report by Parliament's Joint Committee on the National Security Strategy (JCNSS), which claims that the UK is at high risk of a “catastrophic ransomware attack” that could “bring the country to a standstill” because of poor planning and a lack of investment.

Of the FTSE 100 industries reviewed, financial services organisations appear to be taking cyber threats the most seriously. Mentions of ‘cyber-attack’ in the sector’s annual reports have increased by 55% in the last three years, with 135 mentions in 2022. As a highly regulated industry, responsible for holding vast amounts of personal information on individuals and businesses, financial services organisations have historically been a key target for cybercriminals.

However, it’s not just Britain’s biggest banks and insurance companies which are taking cyber threats seriously: mentions of cyber-attacks in FTSE 100 annual reports have risen by 55% across the board in the last three years. According to the UK government,77% of businesses now see cybersecurity as a high priority. Industrial companies have been significantly more focused on cyber-attacks during 2021 in comparison to 2020 and 2022. This could be attributed to rapid developments in technology and the digital transformation of supply chain, post-COVID-19 pandemic.

Barry Cashman, regional vice president, UKI at Veritas, said: “Advances in emerging technologies such as artificial intelligence, mean that cyber threats are evolving faster than ever before. Previous Veritas research revealed that more than half (51%) of UK businesses have fallen victim to at least one ransomware attack in the last two years, while 70% believe data security risks have increased over the last 12 months. Cyber-attacks can have devastating financial and reputational repercussions, potentially even forcing many to the brink of insolvency. It’s clear the UK’s largest corporations are prioritising efforts to bolster their security postures. In the year ahead, it’ll be equally important to see better collaboration between the UK government and private industry in tackling cybersecurity threats and improving the UK’s cyber resiliency.” 

Data quality a major barrier to AI success

Posted 4 hours ago by Phil Alsop
Hitachi Vantara survey finds data demands to triple by 2026, highlighting critical role of data infrastructure in AI success and revealing gaps in...

AI - a make or nreak year ahead?

Posted 4 hours ago by Phil Alsop
NetApp has released its second annual Data Complexity Report, which examines how global organizations are navigating the increasing complexity of...
Cybersecurity, AI, and cloud adoption redefine IT professional roles, reveals Paessler’s latest global survey.
77% cite increasing operational efficiency as the main strategic and spending priority for 2025.

Sage’s 2025 Channel predictions

Posted 1 day ago by Phil Alsop
The channel is poised for significant change in 2025, shaped by trends like AI, industry consolidation, and evolving customer expectations. To help...

Cloudflare publishes top internet trends for 2024

Posted 1 day ago by Phil Alsop
New data unveils record-high government-directed Internet shutdowns, a rise in malicious traffic, and cyberattacks targeting the Gambling and Gaming...
WatchGuard Technologies has unveiled its 2025 Cybersecurity Predictions, based on its own threat intelligence and market analysis. This year’s...

Cyberthreats hide in encrypted traffic

Posted 2 days ago by Phil Alsop
Zscaler has published its Zscaler ThreatLabz 2024 Encrypted Attacks Report, which explores the latest threats blocked by the Zscaler security cloud...