Danni Hewson, head of financial analysis at AJ Bell, said: “The past year has left no company in doubt of the need for stringent cyber security measures or the increased threat of cyber-attacks as AI powered groups get more sophisticated.
“The Information Commissioner’s Office has pulled no punches with its £14 million fine on UK outsourcing giant Capita which it said failed to keep sensitive data safe from hackers.
“It said the incident in 2023 could have been prevented if sufficient measures had been put in place and warnings had been acted on, but it also lowered the fine because of the way Capita dealt with people who had been affected and the robust security measures it has now implemented.
“British businesses have become acutely aware of the threat they are facing and the impact cyber attacks can have not only on the day to day workings of a business but also the customer data that they have a duty to protect.”
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