A stark new report reveals that a staggering one in five businesses in the United Kingdom have fallen victim to cyberattacks in the past year. This alarming statistic shines a spotlight on the growing threat businesses face from cybercriminals.
In a testimonial to our changing times, the research conducted by Aviva found that businesses are significantly more likely to experience a cyber incident than a physical theft or a fire. On average, companies face claims of £21,000 per cyberattack, highlighting the significant financial impact of these events.
Businesses are 67% more likely to experience a cyber incident than a physical theft, according to Aviva research.
Despite the growing threat, the survey revealed a worrying lack of preparedness among businesses. One in five admitted to not knowing how to handle a cyberattack, a figure that rises to over 25% for small businesses. This lack of awareness and preparedness leaves businesses vulnerable to further damage and potential non-compliance with data protection regulations.
The research also uncovered a significant gap in cyber insurance coverage, particularly among small businesses. Less than one in five hold a cyber insurance policy, leaving them exposed to the financial and operational consequences of an attack.
“Cyber Practices”
Cybersecurity experts, including Detective Superintendent Ian Kirby of the National Cyber Resilience Centre Group, emphasize the importance of cyber practices for businesses of all sizes. They encourage organizations to take proactive measures to protect themselves and seek support from resources like the NCRCG to strengthen their cyber resilience. “It is essential that all businesses across the UK economy therefore have robust cyber practices in place, so that they are in the best position to protect themselves from cyber criminals,” said Kirby.
Aviva offers a range of cyber insurance products designed to help businesses mitigate the impact of cyberattacks. Their new Cyber Respond policy targets micro-SMEs, offering breach response services starting at only £50 per year.
“It’s crucial that businesses recognize the ever-present threat of cyberattacks and take steps to protect themselves,” said Stephen Ridley, Head of Cyber at Aviva. “Cyber insurance can be a valuable lifeline, providing the financial and expert support needed to recover from an attack.”
The findings of the Aviva report underscore the urgency for businesses to take cybersecurity seriously. By implementing robust defenses and obtaining appropriate insurance, companies can better protect themselves and their operations from the growing threat of cybercrime.
Source: One in five businesses have been victims of cyber attack in the last year