Over the last five years, UK businesses have lost a total of £44 billion to cyber attacks. According to a report by international insurer Howden, one in two businesses has suffered at least one cyber attack in that time. And most of the attacks could have been prevented with basic security measures. So who are the targets and how to take precautions against cyber attacks? Here are the details
UK companies have lost £44 billion to cyber attacks in the last five years
First, the report shows that large businesses with annual revenues of £100 million are the most targeted in attacks. This is followed by small and medium-sized enterprises (SMEs) with annual revenues ranging from £2 to £50 million. So, it’s not just the big fish that attackers are after – smaller businesses are also under threat.
Among the causes of cyber attacks, the most common methods are listed as follows:
- Compromised emails (20%)
- Data theft (18%)
- Supply chain gaps (16%)
- Fraudulent money transfers (14%)
- Internal leaks (14%)
- Ransomware (12%)
In fact, many of these attacks were due to inadequate security measures and low awareness. The report states that only 61% of businesses use antivirus software and only 55% have installed a firewall. And 26% of UK companies say they are unable to invest in cybersecurity due to high costs.
The same percentage of businesses see the lack of knowledge on cyber security as an obstacle. Moreover, 22% of companies do not even have an internal IT resource. For this reason, 33% of businesses demand tax deductions for cybersecurity investments, 32% support making minimum security standards legally mandatory, and 26% suggest a mandatory cyber insurance system.
You can access the full report here. Do you think businesses in Turkey are adequately prepared against cyber attacks? Do you think more legal regulations are needed for cyber security? You can share your opinions in the comments section below.
