Cyber & Data risks are an exposure that no modern business can escape, and the financial impact of system interruption, privacy and cyber-crime events are now felt across all sectors.
According to the 2023 Cyber Security Breaches Survey, conducted on behalf of the UK Government, about three in ten businesses (32%) report having cyber security breaches or attacks in the last 12 months.
Cyber security breaches and attacks have dropped for smaller organisations by 7% compared to last year, while the results for medium (59%) and large businesses (69%) remain at similar levels.
Many businesses feel that they are unlikely to be the target of a cyber incursion, sadly this is certainly not the case.
- Four in ten businesses (40%) say they experience breaches or attacks at least once a week.
- Of those companies reporting attacks, phishing attacks are commonly considered the most disruptive type of attack that organisations face with 79% having suffered this attack.
- Among the 32% of businesses that identify breaches or attacks, about a quarter (24%) experience a negative outcome, such as a loss of money or data. Temporary loss of access to files or networks, disruption to websites, applications or online services and software or systems being corrupted or damaged are the most commonly reported outcomes – although, organisations can experience a very wide array of outcomes.
Learn more from our latest Cyber Insurance guide “Cyber & Data Risks – Understanding the Threats and How to Protect Your Business”
Ransomware is designed to block users or organisations from accessing their own files or systems. The attackers will encrypt company files and then demand a ransom payment from the victim in exchange