UK must boost cyberdefenses to boost economic growth, Microsoft says

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Cyber attacks are costly and many businesses are not resilient

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Following the recent cyberattack against several NHS hospitals in London, Microsoft has released data that shows the UK economy could struggle to grow if it does not address the weak cyber defenses across UK organizations.

Nearly two-thirds (65%) of the UK’s senior financial services executives believe the economy is threatened by poor cybersecurity according to the data.

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All sectors under threat

Speaking on the results, general manager of financial services at Microsoft UK, Theo Michalopoulos, said (via CityAM), “The financial services sector is crucial to the British economy. Not only as one of our largest industries, but also for its contributions to the UK’s economic infrastructure, job market, trade balance and overall fiscal health. It is critical to UK growth that our financial sector is protected from cyberattacks and we know this is a core priority for our customers.”

As cybercriminals increasingly turn to AI as a means to bolster their ability to attack more effectively, many cybersecurity experts have urged organizations to adopt AI as part of their cybersecurity toolkit, with the technology boasting increased efficiency and reducing costs, with data showing that the benefit to the economy could be as much as £52 billion every year.

“The research shows many reasons for financial institutions to integrate AI as part of their regular cyber defences, making sure the industry is protected against future threats and able to defend itself accordingly.”

“This will ensure the sector has its best foot forward when it comes to cyber defence and encourage continued growth and success,” Michalopoulos concluded.

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Benedict Collins
Benedict Collins
Senior Writer, Security

Benedict is a Senior Security Writer at TechRadar Pro, where he has specialized in covering the intersection of geopolitics, cyber-warfare, and business security.

Benedict provides detailed analysis on state-sponsored threat actors, APT groups, and the protection of critical national infrastructure, with his reporting bridging the gap between technical threat intelligence and B2B security strategy.

Benedict holds an MA (Distinction) in Security, Intelligence, and Diplomacy from the University of Buckingham Centre for Security and Intelligence Studies (BUCSIS), with his specialization providing him with a robust academic framework for deconstructing complex international conflicts and intelligence operations, and the ability to translate intricate security data into actionable insights.