Security is the main IT concern among European firms, new research reveals.

A study released by IT services firm Siemon showed that 97 per cent of companies questioned, stated that the importance of security is considered high or very high.

Siemon's managing director of Europe, Middle East and Africa affairs Steven Foster remarked that the findings show corporations have security concerns at the front of their minds.

"In today's world of mission critical applications and reliance on data, it is little wonder that security came out as the number one priority," he added.

Previously, the Conservatives asserted that cybercrime is a "serious threat" to the government, consumers and businesses.

The then-shadow home secretary David Davis urged the government to create a team within the Crown Prosecution Service which would specifically deal with online crime such as data theft.

He added that if consumers lost faith in the security of online retail, businesses which have invested heavily in such areas could be hit by considerable losses.