The State of cyber security in the UK 2023 report, from iomart and Oxford Economics has painted a picture of businesses in the healthcare sector struggling to balance their security budgets, as cyber incidents increase. Over two-thirds (69%) of businesses questioned for the report revealed they spent more than £25,000 a year on cyber protection, such as vulnerability assessments, penetration testing and red team engagements. Despite this 31% of healthcare executives say their security budgets are inadequate to fully protect them. The report surveyed 45 healthcare executives. A quarter of those agreed that budget constraints remain one of the biggest barriers for improving cyber security. Notably, 64% reported a rise in cyber insurance premiums over the last two years – adding up to one of the biggest financial outlays for many healthcare firms when it comes to cyber protection.