The report also found that 43 per cent fail to regularly test their cyber-security response plans on a regular basis, even though the awareness of the threat of cyber attacks has increased.

“Every company must fully grasp their own cyber risk, which is why we have developed the NCSC’s Board Toolkit to help them,” said Ciaran Martin, chief executive of the National Cyber Security Centre (NCSC).

“This survey highlights some urgent issues companies will be able to address by putting our Toolkit’s advice into practice. Cyber security is a mainstream business risk and board members need to understand it in the same way they understand financial or health and safety risks.”

Despite this lack of understanding by some business leaders, the arrival of the General Data Protection Regulations (GDPR) in 2018 is said to have had a positive effect in raising attention to cyber attacks. Furthermore, a new project has been announced, which will help companies measure and manage cyber risk.

“The UK is home to world leading businesses, but the threat of cyber-attacks is never far away,” said digital minister, Margot James. “We know that companies are aware of the risks, but more needs to be done by boards to make sure that they don’t fall victim to a cyber-attack.

“This report shows that we still have a long way to go, but I am also encouraged to see that some improvements are being made. Cyber security should never be an add-on for businesses and I would urge all executives to work with the National Cyber Security Centre and take up the Government’s advice and training that’s available.”

At the end of January 2019, the government warned companies behind Britain’s most critical industries to boost cyber security or face hefty fines – of around £17m – for leaving themselves vulnerable to attack.

The report also found that 43 per cent fail to regularly test their cyber-security response plans on a regular basis, even though the awareness of the threat of cyber attacks has increased.

“Every company must fully grasp their own cyber risk, which is why we have developed the NCSC’s Board Toolkit to help them,” said Ciaran Martin, chief executive of the National Cyber Security Centre (NCSC).

“This survey highlights some urgent issues companies will be able to address by putting our Toolkit’s advice into practice. Cyber security is a mainstream business risk and board members need to understand it in the same way they understand financial or health and safety risks.”

Despite this lack of understanding by some business leaders, the arrival of the General Data Protection Regulations (GDPR) in 2018 is said to have had a positive effect in raising attention to cyber attacks. Furthermore, a new project has been announced, which will help companies measure and manage cyber risk.

“The UK is home to world leading businesses, but the threat of cyber-attacks is never far away,” said digital minister, Margot James. “We know that companies are aware of the risks, but more needs to be done by boards to make sure that they don’t fall victim to a cyber-attack.

“This report shows that we still have a long way to go, but I am also encouraged to see that some improvements are being made. Cyber security should never be an add-on for businesses and I would urge all executives to work with the National Cyber Security Centre and take up the Government’s advice and training that’s available.”

At the end of January 2019, the government warned companies behind Britain’s most critical industries to boost cyber security or face hefty fines – of around £17m – for leaving themselves vulnerable to attack.