Cyberattacks value UK companies roughly £44 billion (US$55.3 billion) in misplaced income over the previous 5 years, in response to analysis printed by Howden, the London-based insurance coverage middleman group.
Half of these companies (52%), or 1.3 million non-public sector firms, have suffered not less than one cyberattack throughout that point interval (2019-2024), costing on common 1.9% of income, mentioned the research which relies on a survey of 905 IT determination makers from throughout the UK non-public sector.
Companies with an annual income of over £100 million ($125.6 million) have been essentially the most focused group, with 74% of these surveyed having suffered a cyberattack over the previous 5 years. Nevertheless, the report emphasised that menace ranges are elevated throughout all companies, with half (49%) of SMEs with a income of £2 million to £50 million ($2.5 million to $62.8 million) additionally experiencing a cyberattack over the identical interval.
The commonest causes of cyberattacks have been compromised emails (20%) and information theft (18%), with the typical value of those assaults equating to £2.1 million and £2 million ($2.6 million and $2.5 million) , respectively.
Cybersecurity Missing
Regardless of the rising menace posed by cyberattacks, take up of even essentially the most primary cybersecurity measures stays low, which highlights a crucial cybersecurity data hole inside UK companies, Howden discovered.
At current, 61% of companies are actively utilizing antivirus software program and solely 55% are using community firewalls, mentioned the report, noting that organizations cite plenty of obstacles to bettering their cybersecurity, together with value (26%), inadequate data (26%) and lack of inside IT sources (22%).
Nevertheless, by implementing cybersecurity fundamentals, Howden estimated that UK companies may cut back cyberattack prices by as much as roughly 75%, or £30 billion ($37.7 billion) through the five-year interval.
Additional, the introduction of those measures would save the typical UK enterprise roughly £3.5 million ($4.4 million) over 10 years, equating to a return on funding of 25%.
To spice up take-up of cybersecurity measures, UK companies say that new coverage measures reminiscent of tax aid on cyber funding (33%) would be the simplest approach of bettering cyber resilience inside companies, adopted by free entry to cyber experience and sources (32%), obligatory minimal cyber requirements (31%) and obligatory cyber insurance coverage (26%).
The insurance coverage business and authorities each have a significant position to play in boosting cybersecurity uptake, by serving to firms tackle widespread limitations round cyber funding, in response to Howden.
“Cybercrime is on the rise, with malicious actors persevering with to reap the benefits of cybersecurity vulnerabilities, significantly as corporations turn into ever extra reliant on know-how for his or her operations,” in response to Sarah Neild, head of UK Cyber Retail, in an announcement.
“UK companies are presently dropping a major quantity of income to cyberattacks, and the insurance coverage business is essential to strengthening resilience and elevating consciousness of the safety measures wanted to assist companies shield their operations,” she added.
“Engagement with SMEs will probably be significantly essential. This section has been traditionally underserved by the cyber insurance coverage market but kinds an essential spine of financial exercise, each by way of its dimension but in addition as an engine of development. By means of elevated insurance coverage penetration and training about implementation, we may help companies enhance their cyber resilience and shield towards lack of income from these assaults.”
Methodology
Howden analyzed the outcomes of a proprietary survey of 905 senior IT determination makers from throughout the UK non-public sector to higher perceive their experiences of, and attitudes in direction of, cybersecurity. YouGov performed the survey from Sept. 9 to Sept. 22, 2024.
Supply: Howden
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