Every other UK firm hit by cyber-attack last year

More than half of businesses in the UK were victims of cybercrime last year, according to a new report by Beaming. The report says that 2.9 million UK firms, or 52 per cent, experienced some form of cyber-security incidents, costing them £29.1 billion. 

Most common incidents included virus infections and phishing attacks. Both of them have an equal share of attacks – 23 per cent. Less than a fifth (18 per cent) went on hacks and data breaches. 

The report also states that the bigger the company, the bigger the chances of a cyber-attack. Almost three quarters (71 per cent) of organisations with 250 employees or more suffered a cyber-attack, while less than a third (31 per cent) of those with 10 or less people suffered the same fate.

The weight of these incidents has placed them in the boardroom. A third (30 per cent) of companies had discussed cyber-security in senior leadership meetings, up from 18 per cent just a year ago. 

More than half a million of businesses in the UK signed up for cyber-insurance policies, for the first time in their existence, the report said, before adding that almost a fifth (19 per cent) of UK companies are now covered for cyber-attack-related losses.

“Large organisations are more likely to become a victim of cybercrime due to being more valuable targets and because employees are often the weakest link in the cyber security chain,” commented Sonia Blizzard, managing director of Beaming. 

“They are also more resilient as they have resources to aid their recovery. Successful cyberattacks on smaller businesses are less frequent but cause disproportionately more harm. It is encouraging they are taking the threat more seriously and investing in their cyber defences, as a single attack could potentially break them.”

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