Security breaches cost UK businesses $18 bln a year

Security breaches from computer viruses, spyware, hacker attacks and theft of equipment are costing British business an estimated $18 bln a year. The loss is 50% higher than the level calculated in 2004, said PricewaterhouseCoopers. The rise comes despite companies increasing their spending on information security controls to an average 4-5% of their IT budget from 3% in 2004.