Darktrace looks to continue growing

Darktrace looks to continue growing

Cyber security firm Darktrace saw revenue grow 450% last year following a surge in cyber attacks on businesses across the globe.

Two thirds of large British businesses experienced a cyber attack or breach last year, according to the latest research by Ipsos Mori.

Findings from the Cyber Security Breaches Survey, undertaken for the UK government, show a quarter of large firms experiencing a cyber breach did so at least once a month.

The results show that in some cases the cost of cyber breaches and attacks on businesses reached millions, and that almost half of the top FTSE 350 businesses regarded this as their biggest threat.

The trend has led to a bumper year for Darktrace, a University of Cambridge spin-out which was founded in 2013 and now boasts offices across the globe, including in central London.

Nicole Eagan, CEO, said: “It is clear that the application of machine learning to cyber security is an industry game-changer and Darktrace provides a truly unique solution in the face of evolving cyber threat.

“We look forward to continuing our expansion in 2016, as even more organisations learn of the benefit our next-generation security has to offer.”

Over the next five years the UK government has pledged to invest £1.9bn to tackle and prevent cyber crime, as well as introducing a new National Cyber Security Centre which will offer security support.

A new national cyber security strategy will also be published later this year, setting out proposals to improve virtual safety across the government, businesses and consumers.

Firms are also being encouraged to take action using the 10 Steps to Cyber Security which recommends measures such as malware protection, network security and monitoring.

Digital economy minister Ed Vaizey said: "The UK is a world-leading digital economy and this government has made cyber security a top priority.

"Too many firms are losing money, data and consumer confidence with the vast number of cyber attacks. It's absolutely crucial businesses are secure and can protect data.

"As a minimum, companies should take action by adopting the Cyber Essentials scheme which will help them protect themselves."

The research by Ipsos Mori also revealed that seven out of 10 attacks on all firms last year involved viruses, spyware or malware, could have been prevented, and how only a fifth of businesses have a clear view of the dangers of sharing information with third parties.