87% Of UK Businesses Still Vulnerable To Cyberattacks, Reports Find

Artificial Intelligence is completely changing and creating more efficiency and innovation for businesses. Microsoft UK CEO Clare Barclay discussed the transformative nature of generative AI, saying, “AI is transforming how organisations operate…trust that it prioritises safety, privacy, and security.”

The UK is responding actively, with the Bletchley Declaration, endorsed by 28 countries, setting a global standard for AI safety and security.

The declaration is a contribution towards the UK wanting to lead in the world of AI, and this is seen in its ambition to create a balance between innovation with security. But with great power comes great responsibility, and the integration of AI into daily operations presents new cybersecurity issues.

Why Does Cybersecurity Matter?

Now more than ever, cybersecurity issues are growing in numbers and in complexity. The UK is aware of these escalating threats, which is reflected in its fourth-place ranking on the global scale for cybersecurity in the National Cyber Power Index 2022.

Despite the UK’s strong stance, there are still weak spots. Siân John of NCC Group points out that as AI speeds up, we’re faced with the benefits and the new risks that come with quick tech progress.

The statistics are stark: a Microsoft-commissioned study reveals cyberattacks could be costing UK organisations more than £87 billion annually. This just shows the pressing need for advanced security measures, particularly AI-driven solutions, to counteract the evolving cyber threat world’s attacks.
 

How Are We Faring?

According to research from Goldsmiths, University of London, just 13% of organisations in the UK are fully equipped to deal with modern cyber threats, suggesting many are not prepared enough for today’s digital challenges.

The research shows that companies employing AI in their cyber defences tend to be stronger and suffer less from attacks, experiencing lower financial losses when breaches occur. Nonetheless, the adoption of AI in cybersecurity remains limited among most businesses.

What Will The Plan Be For The UK?

For the UK to continue leading globally in AI and cybersecurity, a united strategy is necessary. Adding £114 million to the National Cyber Programme budget by the government would really help reinforce defences.

But over and above government funding, the private sector’s role is an important one, as Steve McKeaveney of ITC Secure points out: “AI has become a critical component in cybersecurity.” Collaboration between industry, academia, and government is an important way to really embrace AI’s full capabilities in the future, while ensuring the security of digital infrastructures.