Companies in the Midlands are trailing the rest of the world when it comes to their planned spending on information security, a new report has found.
Less than a third - 31 per cent - of UK companies plan to increase spending on information security over the next year, compared to just over half - 52 per cent - of the overall global respondents, according to PwC’s 8th annual Global State of Information Security Survey.
This is despite the fact that 60 per cent of UK companies said economic conditions and the increased number of threats continued to drive information security spending.
The survey, the largest of its kind, sampled some 13,000 executives and information security professionals around the world, with 640 polled in the UK.
Neil Ward, information security specialist at PwC in the Midlands, said: “In the post-recessionary climate, it is perhaps not too surprising that Midland businesses are less willing to spend on security.
“Yet such spending restraints could seriously undermine the ability of organisations to protect their most sensitive data.
“Lack of focus on social networking can expose organisations to a variety of risks, including loss or leakage of information, damage to a company’s reputation, illegal downloading of pirated material and identity theft. “Social networking will increasingly play a significant role in how business gets done and the real challenge will be how to securely integrate the use of social networking technologies into traditional operating models.”