Cyber-attacks cost UK businesses £44 billion in last five years

04 Dec 2024

Over half of UK businesses have experienced at least one cyber-attack in the past five years, suffering combined lost revenue of £44 billion as a result, according to insurance broker Howden.

Threat levels are elevated across all businesses, with almost half of small and medium-sized enterprises (SMEs) with a revenue of £2 million to £50 million also experiencing a cyber-attack over the same period.

The most common causes of cyber-attacks were compromised emails and data theft, with the average cost of these attacks equating to £2.1 million and £2 million, respectively.

Despite the growing threat posed by cyber-attacks, take up of even the most basic cyber security measures remains low, highlighting a critical cybersecurity knowledge gap within UK businesses. At present, 61% of businesses are actively using antivirus software and only 55% are employing network firewalls.

Sarah Neild, Head of UK Cyber Retail, said: 'Cybercrime is on the rise, with malicious actors continuing to take advantage of cybersecurity vulnerabilities, particularly as firms become ever reliant on technology for their operations.

'UK businesses are currently losing a significant amount of revenue to cyber-attacks, and the insurance industry is crucial to strengthening resilience and raising awareness of the security measures needed to help businesses protect their operations.'