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Over a third of UK tech firms experienced at least one cyber incident in 2020

cyber attack
(Image credit: Image source: Shutterstock/GlebStock)

Cybercriminals are doing all they can to make the lives of those working in the technology, media and telecommunications industry difficult. According to a new report from business insurer Hiscox, a third of businesses in the sector (34 percent) were breached in the past year.

The company published its findings in the fourth annual Cyber Readiness Report, which states that phishing was by far the most popular strategy, making up more than half (53 percent) of all of the recorded incidents. Ransomware, accounting for 23 percent of incidents, was the most common type of breach.

Hiscox claims that targeted companies lost, on average, $39,600 per incident in the past twelve months.

Despite the onslaught, companies in the industry remain assured in their skills, the report further states, as 67 percent of the respondents claimed to be confident in their cybersecurity posture. More than four in five (85 percent) also said they have a dedicated team or a leader in cybersecurity.

The report hints that this confidence stems from increased spending. Businesses in the sector have been spending more on cybersecurity than those in other industries, it was said, with priorities being end-user malware detection and remaining compliant with rules and regulations.

“Research shows that the UK tech sector is far from exempt when it comes to major cyber security threats. Proving that even for those sectors most equipped to deal with threats, vulnerabilities should never be overlooked,” said Stephen Ridley, Hiscox UK Cyber Underwriting Manager.

“The industry is, however, following best practice and building resilience through spending priorities and dedicated cyber roles. The findings are a reminder that firms should always look to shift cyber strategies and improve resilience capabilities.”