According to the 2024 Cyber Security Breaches Survey, conducted on behalf of the UK Government, cyber threats remain a significant concern for UK businesses.
The latest survey, which included 2,000 businesses, highlights the frequency and cost of cyber-attacks and the measures organisations take to protect themselves.
Widespread Breaches and Attacks
Over the past 12 months, half of UK businesses reported experiencing some form of cyber security breach or attack; amongst those, just over one in ten (13%) ended up losing money.
Phishing remains the most common attack, affecting 84% of businesses. Other common threats include email impersonation and malware attacks.
Financial Impact
Among those identifying any breaches or attacks, it is estimated that the single most disruptive breach from the last 12 months cost each business an average of approximately £1,205, regardless of size. For medium and large businesses, this cost was approximately £10,830.
Cyber Hygiene and Risk Management
Most businesses have implemented basic cyber hygiene measures in response to these threats. These include updated malware protection, password policies, cloud backups, restricted admin rights, and network firewalls. However, only 31% of businesses conducted cyber security risk assessments, and 18% have carried out staff training or awareness-raising activities in the past year.
Learn more from our latest Cyber Insurance Guide.Â
Cyber security is just one element of your cyber risk management strategy, the other is cyber insurance. Please get in touch with us on 01892 511 144 to talk about the benefits of cyber insurance and adding it to your insurance programme. Alternatively, send us a message via our contact page.
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