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Cyberattacks on UK firms skyrocketed during the pandemic

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The number of cyberattacks against UK firms has skyrocketed during the pandemic, increasing by more than five times, a new report from Accenture suggests.

Surveying nearly 500 UK executives for the State of Cybersecurity Resilience 2021 report, the professional services company discovered that large UK firms faced an average of 885 attempted attacks in 2020, up from 156 the previous year. That's more than triple the global average of 270, Accenture added. 

That’s enough attacks to put many companies out of business, the report further suggests. Accenture estimates that these types of incidents cost UK businesses $1.7 million a year, $560,000 more than the global average. 

A quarter of the respondents also said they were forced to boost their cybersecurity budgets by 10 percent or more, while the significant majority (80 percent) said the cost of staying cyber-secure is “unsustainable”.

To stay secure, businesses also need to “look beyond” their own defenses, as supply chain attacks accounted for almost two-thirds (64 percent) of all breaches in the country (up 26 percent year-on-year). 

Despite the rise in attacks, security professionals appears to be doing a better job of protecting their organizations. There were fewer successful breaches in 2021, compared to the previous year, and just 10 percent of firms took more than 30 days to remediate a successful attack (down from 22 percent a year before).

Sead Fadilpašić

Sead is a freelance journalist with more than 15 years of experience in writing various types of content, from blogs, whitepapers, and reviews to ebooks, and many more, across sites including Al Jazeera Balkans, TechRadar Pro, IT Pro Portal, and CryptoNews.