US companies take the lead on data security as losses rise to $96bn a year

Businesses in the US are the most aggressive when it comes to protecting systems from security threats, according to a Lloyd's of London report which found that US companies place a higher value on data security and are ahead in efforts to prevent attacks.

Researchers noted that the increase in high-profile attacks, as well as the growing cost of breaches, is driving companies to focus on data security.

The report found that US firms consider data security to be their fourth-highest risk priority overall.

"It is encouraging to see US businesses increasingly [aware of] the threat of cyber crime, as it presents a major risk to businesses and governments," said Lloyd's of London chief executive Richard Ward.

"We need states, businesses and insurers to work together more closely to tackle this growing threat, which is at the heart of the world's economy."

The report estimates that damage from cyber crime in North America costs businesses some $96bn annually.

Recent studies have found that the cost of data breaches has also increased in the UK. Analysts estimate that UK firms pay an average of $114 per record for each breach, and that the cost of a breach has risen 70 per cent on last year.