Cyber Attacks Skyrocket for UK Businesses in 2019

The number of cyber attacks that have been reported by UK companies has risen according to data from a new study from the insurance provider Hiscox; a study that surveyed over 5,400 business from the US, UK, Germany, Spain, Belgium, France and Netherlands.

 

Overall there has been a huge increase from 2018 with 60% of the businesses polled now saying that they have been the victim of one or more cyber-attacks. In the UK 55% of businesses also said that they had been victims of one or more cyber-attacks, while this number already seems large we have to also make note of the fact that this is a 40% increase from the previous period meaning that cyber attacks are becoming more and more common over time.

 

Overall this study states that there has been a 45% increase in cyber-attacks since 2018 and that the average losses that a business can incur from one of the attacks has also increased 61% to an average of $369,000 (or £284,116), this means that UK businesses have to make sure that they are investing in their cyber security infrastructure now more than ever to make sure they do not become a victim of a cyber-attack.

While this study has made it very clear that investing in top quality cyber security is of incredibly high importance, it seems that in the study, the UK firms had the lowest budgets for tackling crime.  To put this into perspective other countries in the study had an average budget of $1.64m (£1.12m) while UK businesses had an average cyber security budget of only $900,000 (£693,000).

 

The study also contains a readiness to prepare against cyber attacks where only 10% of businesses in the survey scored ‘expert status’, signalling that they are completely prepared to deal with cyber-attacks.  Similarly, ‘expert status’ has also dropped from 11% in 2018, and the UK also doesn’t score very well compared to other countries in the study for their readiness.

 

Hiscox study has also found that more small and medium sized businesses are being affected by cyber-attacks, attacks on smaller businesses have increased from 33% to 47% and medium sized businesses have sky rocketed from 36% all the way to 63% of these medium businesses have experienced a cyber-attack.

 

The World Economic Forum has warned that cyber security is one of the biggest threats to the global economy. The latest data from them states that 74% of the world’s businesses will be hacked in the coming year.

 

With a network of ISO27001 certified data centres and Cyber Essentials accredited, Skye cloud can help your business to make sure that you have the best protection from cyber attacks so that you can relax knowing that your business is safe so that you can focus on growing your business.

 

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