Cyber attacks focused on more than half of British firms in 2019 according to research by Hiscox reports the BBC which is up 40% from last year
The proportion of UK firms reporting a cyber-attack has jumped. And, this is despite most businesses admitting they are under-prepared for breaches. The insurer found 55% had faced an attack in 2019, up from 40% last year.
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For further details see BBC article entitled More than half of British firms ‘report cyber-attacks in 2019’
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Survey of more than 5,400 businesses
The firm surveyed more than 5,400 small, medium and large businesses across seven countries. For example, UK, Germany, the US, Belgium, France, the Netherlands, and Spain.
It said there had been a “sharp increase” in the number of cyber-attacks this year. And, more than 60% of firms have reported one or more attacks – up from 45% in 2018.
Average losses from breaches also soared from $229,000 (£176,000) to $369,000, an increase of 61%.
Despite this, the insurer said the percentage of firms scoring top marks on cybersecurity had fallen, with UK organisations doing particularly badly.
British firms had the lowest cybersecurity budgets, it said, spending less than $900,000 on average compared with $1.46m across the group. Gareth Wharton, head of Cyber at Hiscox, said the low UK spending could be driven by a large number of small businesses in Britain.
“They may feel like they won’t be targeted, as we tend to only read about large breaches in the press. However, if they incorrectly feel that they won’t be targeted, they may be less likely to spend on cybersecurity.”
However, Hiscox also found the average cost of an attack in the UK was lower than average at $243,000. compared with $906,000 in Germany and $486,000 in Belgium.