A significant ‘blind spot’ is leaving UK businesses vulnerable to cyber security threats, as revealed by industry experts. Alarmingly, only 1 in 5 businesses reported experiencing a cyber security incident in the past 12 months.
Summary of Cyber Security Findings
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74% of UK respondents to the January 2024 survey reported no incidents.
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2% preferred not to say and 5% were unsure.
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Of the 20% that reported an incident, 16% suffered just one, and 4% experienced multiple incidents.
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Larger companies, especially upper medium-sized businesses, report a no-incident rate 18% higher than the overall average.
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Among businesses with revenues between £10m-£99.9m, 90% reported no incidents, surpassing the overall survey average by 40%.
Interpretation of the Results
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These findings suggest a potential lack of awareness or capability to detect cyber incidents, such as data breaches or ransomware attacks, even among the largest UK businesses.
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Given the high number of cyber attacks occurring, it is estimated that UK businesses face over four cyber attacks every minute. This starkly contrasts with the 74% of businesses claiming no incidents in the past year.
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Even those reporting a single incident may have been targeted more frequently without realising it. A single successful attack can have severe consequences.
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Factors contributing to these blind spots include inadequate education or technical expertise around cyber security risks, leaving businesses susceptible to significant financial and reputational damage, which can also affect their customers and partners.
The Cost of Cyber Security
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While cyber security can be expensive, it should be considered an investment. Effective cyber security measures can save businesses substantial amounts in the long run by safeguarding against increasing threats.
Positive Trends
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Encouragingly, businesses are prioritising cyber security improvements, with strategic investment in this area scoring an average of 6.3 out of 10 (0=decrease significantly; 10=increase significantly) as the top priority for the next 12 months.
We Are Here to Help
- If you have questions about securing your business from cyber attacks or want to discuss enhancing your current measures, please contact a member of our specialist Cyber Services team or your VPC advisor.
