How to prevent the next Asos? Give businesses cybersecurity tax relief
With Asos just the latest to be the victim of a cyber hack, it's time for the UK to start incentivising businesses to up their security.
Asos, a prominent British retailer, recently faced a cyber attack that left customers receiving suspicious messages through their apps. This incident is not an isolated case, as other high-profile companies such as Jaguar Land Rover, Marks & Spencer, and the Department for Education have experienced similar breaches. These attacks have far-reaching implications, as they can disrupt operations, deter customers, and result in significant financial losses.
The Cyber Security and Resilience Bill, the Cyber Growth Action Plan, and the Industrial Strategy emphasize the importance of cybersecurity, but the lack of financial backing weakens these efforts. Three key actions the government should take in the upcoming Budget to bolster cybersecurity include providing tax relief or incentives for businesses to invest in cybersecurity, giving small cyber firms a fair chance at securing public contracts, and offering support for organizations newly within the scope of legislation and regulation.
By taking these measures, the government can help businesses bolster their security, prevent costly breaches, and ultimately save taxpayers money.
Written by urgent.news from City AM's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
